Monday, June 7th, 2010
Sen. Judd Gregg (R-N.H.), along with other members of Congress and leading financial experts, is warning that the United States is in danger of being in the same dire situation as Greece – national bankruptcy — in seven to 10 years if the nation doesn’t slash its debt and control spending, unless the federal government radically curtails spending.
Last month, Gregg, the ranking Republican on the Senate Budget Committee, said the United States will “essentially be where Greece is in about seven years.”
“If we continue to spend much more than we take in,” he says. “We’ll double our debt in five years and triple it in 10 years and essentially be where Greece is in about seven years,” Gregg told the Fox Business Network in May.
Rep. Paul Ryan (R-Wis.), the ranking Republican member of the House Budget Committee, has also said that the United States has been making decisions similar to that which caused Greece’s debt crisis.