It's Senator Judd Gregg (R-NH) on the Obama administration's fiscal policy:
"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."This is coming on top of warnings Gregg has made in the past about the massive unfunded liabilities of entitlement spending and the tax burdens that will be passed on to future generations (H/T Gateway):
I keep telling my kids that when credit card companies send offers urging you to "treat" yourself to a vacation or a new toy, you still have to pay that money back. At the very moment in American history when we should be bracing for unsustainable levels of entitlement spending, the White House is pushing a fiscal policy where the budget deficit never drops below 4% of GDP.
Extra - WSJ: "Obama sticker shock"