'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????????????????
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