'You can’t keep throwing debt on top of debt,'
New Hampshire Republican Sen. Judd Gregg said Sunday.
Posted on 10/18/2009 5:00:36 PM PDT by GOP_Lady
WASHINGTON (CNN) – A leading fiscal mind on Capitol Hill and a one-time Obama Cabinet pick sounded the alarm Sunday over the projected long-term financial challenges the country faces.
“This deficit is driven by us,” New Hampshire Republican Sen. Judd Gregg candidly said Sunday on CNN’s State of the Union when asked about the federal government’s projected $1.42 trillion operating deficit for the 2009 fiscal year.
“You talk about systemic risk. The systemic risk today is the Congress of the United States,“ the Ranking Republican on the Senate Budget Committee told CNN Chief National Correspondent John King, “that we’re creating these massive debts which we’re passing on to our children. We’re going to undermine fundamentally the quality of life for our children by doing this.”
“Now you can’t blame that on [former President] George [W.] Bush,” Greg said, noting that using the Obama administration’s projections the budget deficit for the next ten years is $1 trillion per year. And Gregg said that during the same ten-year period, public debt as a percentage of gross domestic product would increase from 40 percent — which Gregg called “tolerable but still too high” — up to 80 percent.
(Excerpt) Read more at politicalticker.blogs.cnn.com ...
'You can’t keep throwing debt on top of debt,'
New Hampshire Republican Sen. Judd Gregg said Sunday.
Not with Obama as the top banana, surely?!!?
Only lately has Gregg been able to claim that he is a Republican. I guess that 2 or 3 day jaunt as an Obama appointee woke him up to what the Democrats are really up to.
Watch it be pursued continually by the village idiot however.
The RNC and the RINOs don’t care. It’s all talk till the spending cuts come. The GOP is spineless, hypocritical, and worthless.
Gregg, I think someone is having a very strong “DUH” situation.
Oh, Yes I Can! (cuz I know the MSM will cover for me!)
What I think the Obama administration is failing to consider is that everyone has a credit limit- no one can borrow indefinitely. Sooner or later- and probably sooner in this case- lenders are going to be no longer interested in lending any more money.
Then it will be time to either cut back, raise taxes, or run the printing presses 24/7. The last option is the worst, but I fear that Obama doesn’t have the political courage to do either of the first two options.
Ain't that the truth!
Look at Social Security. Recipients deserve no cost of living increase this year because there was no change in the CPI. But Obama and the fools in Congress will borrow billions more to pay each beneficiary $ 250 whcih probably exceeds what a minor annual inflation adjustment would have been. And the dolts promoting “health care reform” are going to pay for it with future hundred billion dollar Medicare cuts?? They can’t even resist giving away an expensive benefit that the law they wrote tells them the seniors are not entitled to. These people are money drunk; they have not a clue of the true cost and value of things and are a family with a $ 50,000 annual income living on a $ 100,000 budget not for one year but as far as the eyes can see with plans for massive new spending.
Well, welcome to the real world Mr. Gregg - You and Bush had your chance to do something about it but decided to continue spending us into oblivion. Now you complain because the new Democratic administration is outdoing you... Well, if you really wanted to do something about spending and the debt, you would have acted when in power. Now, all you can do is complain!
Well, most people have had it up to our ears with both parties spending like there is no tomorrow! Just who are we suppose to vote for anyway. Unfortunately, we do not have a real choice anymore so it is either another party (future) or abstain.
The only other alternative is one of those tax/spend revolts that you use to support - remember the tea party of old? Well, maybe that is the only solution these days...
Raise taxes? Raising taxes does nothing to increase the GPD, which cutting taxes would do. Increase the GPD would lead to an increase in tax revenues collected
Not seeking reelection?
Running for office?
Could be? Sheesh!
Gregg must be trying to understate things.
He should look around outside the beltway.
We are a freakin banana Republic, which is why guns and ammo have been flying off the freakin shelves for 2 years.
Could be????????????????
That's racist.
Looks like Uncle Sam is going to need a private sector bailout.
Well, then why did you, Mr. Gregg, start to JOIN Hussein as his Sec of Commerce??
Look. Republicans can go on these shows and point out Hussein’s stupidity—I encourage that, because it shows they’re taking him on.
Now how about calling him out more publicly—in your own hometowns and on your LOCAL television and newspaper outlets? People in your districts and states want to know you oppose socialist joker Hussein!
It’s a good thing for us that when we had a Republican majority in Congress, all of the anti-big-government and anti-socialist laws were repealed and funding for extraneous programs stopped. ...not to mention the rebuilding of our manufacturing base and military forces. Otherwise, we’d be headed for a heap of trouble.
Oh...I was dreaming that cheerleading bandwagons in politics might help us.
Banana...as in banana clip???
• The first four are poor and pay nothing.
• The fifth pays $1.
• The sixth pays $3.
• The seventh, $7,
• The eighth, $12.
• The ninth, $18.
• The 10th, (the most well-to-do) pays $59.
One night the restaurant owner announces that because they're such good customers, he's dropping their group dinner bill to $80. Let's call that a tax cut. They want to continue paying their bill as we pay taxes. So the four poorest men still eat free. But if the other six split the $20 tax cut evenly, each would save $3.33. That means the fifth and sixth men would end up being paid to eat. The restaurant owner works out a plan: The fifth man eats free; the sixth pays $2; the seventh, $5; the eighth, $9; the ninth, $12; and the 10th guy pays $52. All six are better off than before, and the four poor guys still eat for nothing. The trouble starts when they leave the restaurant and begin to compare what they reaped from the $20 cut. "I only got a dollar of it," says the sixth man, "but he (pointing at No. 10) got $7." The fifth guy, who also saved a dollar by getting his meal free, agrees that it's not fair for the richest to get seven times the savings as he. No. 7, grousing that the wealthy get all the breaks, points out that he only got two bucks. "Wait a minute," the first four poor guys yell in unison. "We didn't get anything at all. The system exploits the poor!" The nine men jump the 10th and administer a severe beating. The next night he doesn't come for dinner. They shrug it off and eat without him. The customary $80 bill comes. Surprise! They're $52 short.
"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largess from the public treasury. From that time on the majority always votes for the candidates promising the most benefits from the public treasury, with the results that a democracy always collapses over loose fiscal policy, always followed by a dictatorship."
-- Alexander Fraser Tyler (1742-1813)
It'll hit long before "our children". We'll be paying the price too.
Don’t forget that NH has become one of the leading RINO states and has virutally died rather then live free. Gregg was very honorable in the way he turned down the offer from 0.
What a joke! Judd torpedo’d the bush administration and took the ‘high road’ of complicity with the Obama administration. Now he wants to play elder statesman. Go away Judd. New Hampshire and the nation need real conservatives. Go Sarah!
(yeah, I’m from the Granite State)
Great post!
Poor Gregg, he has done little to stop the pending doom, nor has his little state of NH, where they think they are so brilliant, for that matter.
Not just okay, Gregg was head cheerleader. He performed what looked to me like a 180 degree reversal, almost overnight, from fiscal conservative to scared. I completely lost my faith in what he had to say. As far as I'm concerned, he's part of the problem.
We’re on an unsustainable trajectory, economically, politically and morally.
The quote, while great, is unfortunately not true. It is a hoax.
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He is 100% right. The Congress has abandoned all pretense of fiscal responsibility. They will do whatever they think they need to do in the short term to safeguard their reelection—with no regard for the long term consequences. These people are mental pygmies who have managed to make a good percentage of the populate permanently dependent on Government. Obama will rubber stamp the whole thing—he can always relocate to Norway with his Nobel prize when it all goes South. Betcha he keeps the prize $$ too.
I’d like to share a little story...
Was out to dinner recently and overheard a conversation bewteen two boomer age couples discussing their children. Both were quite effusive and attempting to one up one another with the latest tales of their prospective offspring’s accomplishments, status schools, etc. Typical DC bs, but I digress.
The one proud mom told the other couple how her daughter was working for the Congressional Budget Office in the Dircksen building - 6th floor (yes, she even mentioned the floor). Apparently her little girl had attempted to get a job with a Congressman as a staffer but was turned down. Now the proud mama said her daughter is not his gofer, but attending meetings on an equal par with said Congressman and the daughter is actually working on the budget. “It’s a much better job”, to quote the mama.
Soooo...if the girl wasn’t qualified to be a staffer, how in the world is she qualified to work on the Congressional Budget? Only in DC folks. No wonder we are COMPLETELY SCREWED.
Eurasia Group listed Congress as the #1 highest risk to US political stability, in January of this year.
Yes, I think we must cut spending. Yes, I want my $250. check.
Oh, my bad. But it must be close to the truth?
I haven't heard any seniors demanding a $250 check.
And I are one.
I've yet to hear a senior demand a $250 check (and I am one).
All I've heard is a President who destroyed the economy ask Congress to appropriate the money.
But didn’t Congress just find the mone;y to give themselves a COLA pay increase?
Actually very misleading. Last years cola for me came to $107.00 per month. $250.00 divided by 12 is 20.8333 per month or over $86.00 per month less.
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