Posted on 03/22/2009 8:09:58 AM PDT by bimboeruption
WASHINGTON – The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation's financial system.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama's massive budget proposal will bankrupt the country.
Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration's economic policies.
The senator said Obama's spending plan in the midst of a prolonged recession would leave the next generation with a country too expensive to live in.
Gregg appeared Sunday on CNN's "State of the Union."
(Excerpt) Read more at news.yahoo.com ...
Yes. Is that a problem?
LMAO!
I was fixing to say, aren’t they ALL guilty of bankrupting the country?
Now you know why we here in NH are more than happy to see him leave the Senate in 2010, just for the possibility we can replace him with a CONSERVATIVE, not some Snowe/Collins wannabe.
Thank you Captain Obvious.
You're right...this is a non-story.
A Freeper pointed out that we have a 13.5 trillion $ income but have an 11 trillion $ debt. Doesn’t sound so bad right? Debt is less than one years income. BUT NOT ALL OF THAT INCOME IS THE FEDERAL GOVERNMENTS! Give the Feds 1/5 of the income, 20%, which has been above what has been typical in the USA. That’s only 2.7 trillion to pay off the debt. The debt is 4 times government income. So it’s like a $75,000 family owing $305,000. They are on the edge of bankrupty.
http://politicalticker.blogs.cnn.com/2009/03/22/gregg-this-country-will-go-bankrupt/
WASHINGTON (CNN) – Even though he was almost a member of the new Obama administration, New Hampshire Republican Judd Gregg Sunday slammed President Obama’s approach to handling the country’s fiscal outlook.
“The practical implications of this is bankruptcy for the United States,” Gregg said of the Obama’s administration’s recently released budget blueprint. “There’s no other way around it. If we maintain the proposals that are in this budget over the ten-year period that this budget covers, this country will go bankrupt. People will not buy our debt, our dollar will become devalued. It is a very severe situation.”
Gregg, known as one of the keenest fiscal minds on Capitol Hill, also told CNN Chief National Correspondent John King that he thought it was “almost unconscionable” for the White House to continue with its planned course on fiscal matters with unprecedented actual and projected budget deficits in the coming years.
“It is as if you were flying an airplane and the gas light came on and it said ‘you 15 minutes of gas left’ and the pilot said ‘we’re not going to worry about that, we’re going to fly for another two hours.’ Well, the plane crashes and our country will crash and we’ll pass on to our kids a country that’s not affordable.”
(snip)
“They’re doing the right things,” Gregg said about embattled Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers. “They haven’t done it as definitely as they should have . . . but they are moving in the right direction and the Fed is moving in the right direction,” Gregg said on CNN’s State of the Union.
(snip)
Which is exactly what 0bama would want?
Then - he’d be “forced” to have th Fed Gov come to the rescue thru forcible nationalization of every industry —> forced wages for every employee —> Forced distribution of capital and wages —> 0bamunism in Amerika.
Why WOULDN”T 0bama want exactly THIS result?
The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation’s financial system.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama’s massive budget proposal will bankrupt the country.
What good is a financial system with a bankrupt country.
Either way Gregg will say, see I told you so.
It’s just a lot of double talk - he doesn’t have a clue.
I guess taxing half the population that don’t pay income
taxes is out of the question? Just tax the rest of us at
105%.That’ll do it!
The liberal reporter is purposely propagandizing his article to discredit Senator Gregg. We should all know by now to read between the lines of these lying bastards.
I have always thought that the ultimate goal was to bring the United States down. We are the only thing standing in the way of whatever plans he and his secret allies have. I say secret because I don't even think most of the lackeys in his administration even realize what the final plans are until it is revealed and by then it may be too late.
It's much worse than that. Our hypothetical family can exert some control over future spending, making a solution painful but possible and practical. The US can't do that. The future commitments are magnitudes worse than the current situation.
The US has been bankrupt for 20 years.
Had General Motors been required to fully account for unfunded commitments it would have had to declare bankruptcy in the 1980s. It was clear then that there was absolutely no possible scenario where the company could pay for its contracted commitments.
I remember an article in the late 1980s stating that GM was doing great, had supposedly shown a "profit" of 2 billion that year. Conveniently not mentioning the [then current] unfunded pension liability of 18 billion dollars.
Gregg should have removed the marbles from his mouth before he did it.
2) “They’re doing the right things,” Gregg said about embattled Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers. “They haven’t done it as definitely as they should have . . . but they are moving in the right direction and the Fed is moving in the right direction,” Gregg said on CNN’s State of the Union.
Sellout. Thanks for nothing, as usual.
I don't see a keen economic mind. I see a man with no principals! He makes completely contradictory statements, just like any moderate loser trying to have it both ways. No wonder why the Teleprompter-In-Chief liked him.
If you go bankrupt, then that is not sound economic policy and "moving in the right direction." Economics 101. Our Roman Senate is truly packed with economic illiterate fools.
STFU, Gregg. You're days of relevance are over.
U-S-A! U-S-A! U-S-A!!
I don't know if there are enough of us patriots left to keep America #1.
We'll soon see.
Not with the socialists in charge.
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