Sen. Gregg: U.S. headed for 'Banana Republic'
Posted: March 26th, 2009, 2:19 pm
http://www.newsmax.com/insidecover/judd ... 96153.html
Obama and his people don't care... criminals and con-men are in charge in Washington and they don't give a tinker's damn what the consequences of their actions are... it's almost as if they're intentionally destroying the U.S. right in front of the public, with the current financial/economic mess as the excuse for their decisions.U.S. Sen. Judd Gregg told CNN’s Lou Dobbs Wednesday night that the United States would be turned into a “banana republic” by the Obama administration’s budget plan.
President Barack Obama’s budget, Gregg explained, “puts on the books a massive amount of debt. It doubles our national debt in five years, triples it in 10 years. And as far as the eye can see, essentially, it is running deficits of over $1 trillion a year.
“And you just can't afford that,” said Gregg, R-N.H, who was Obama’s choice for secretary of commerce before he withdrew his name over what he described as philosophical differences. “We get up to -- it's a technical term, but we get up to a public debt ratio to GDP of 80 percent, which is about twice what most people think is sustainable. And if we maintain that level, which is projected in the president's budget, you basically -- you're running a banana republic is what it comes down to. You can't afford to pay those debts.”