Tags: Boehner | US | Becoming | Greece

Boehner: US Becoming Greece

Friday, 14 May 2010 11:34 AM

The debt in the United States is reaching extreme levels and could achieve the levels of Greece in the near term, said Minority Leader John Boehner, R-Ohio.

“Unless we change course, our debt is on track to reach levels we're seeing in Greece, which is already receiving an international bailout,” Boehner said at his weekly news conference.

The U.S. deficit was $82.7 billion, a record level for April. The deficit for 2009 is projected to be $1.6 trillion, The Hill reported.

"Quite frankly, it's just scaring the hell out of" the American people, Boehner said.

A spokesman for Rep. Chris Van Hollen, D-Md., assistant to the speaker and the Democratic Congressional Campaign Committee chairman, responded to the GOP’s stance by commenting on their fiscal responsibility, The Hill reported.

“John Boehner was one of George Bush’s top lieutenants when he was spending taxpayer dollars like a drunken sailor, doubling the debt and then leaving us to deal with an economic disaster," said spokesman Doug Thornell.

"Now Mr. Boehner is hoping Americans forget that record including his emotional plea on the House floor for Bush’s Bailout bill. It’s sad he would rather root for failure than help us clean up the mess created by his policies," Thornell said.

"If scaring Americans, shirking responsibility, and making wild claims were Olympic sports, Congressional Republicans would win the Gold Medal hands down,” said Thornell.

The risks in Europe’s debt have resulted in investors seeking a safer haven in U.S. Treasuries, Reuters reported.

“There are very real risks in Europe and at least at this point it's safer to be in U.S. Treasuries. That's the backdrop that's driving the U.S. market. It's more of a flight to quality trade than based on fundamentals,” said Sergey Bondarchuk, U.S. interest rate strategist with BNP Paribas in New York.

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The debt in the United States is reaching extreme levels and could achieve the levels of Greece in the near term, said Minority Leader John Boehner, R-Ohio. Unless we change course, our debt is on track to reach levels we're seeing in Greece, which is already receiving an...
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Friday, 14 May 2010 11:34 AM
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