Sen. Gregg tells Lou Dobbs on CNN: "U.S. Heading to 'Banana Republic"
U.S. Sen. Judd Gregg told CNN’s Lou Dobbs last night (Wednesday) on the popular news program Lou Dobbs Tonight that the United States would be turned into a “banana republic” by the Obama administration’s budget plan. Gregg explained, President Obama's plan 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.
Sen Greg a Republican from New Hampshire, who was Obama’s choice for Secretary of Commerce before withdrawing his name over what he described as philosophical differences. He also noted, “technically the US will get 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.”
Gregg also told Dobbs that, in addition to a fiscal document, the budget plan was very much an ideological blueprint that takes the country far to the left. Unlike President Bill Clinton, who raised taxes to help pay off the deficit, the Obama administration will use tax revenues to dramatically increase the size of the federal bureaucracy in areas like healthcare and environmental programs.
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