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Sen. Gregg Warns US: ‘We're Greece’ in a Few Years
Thursday, 04 Nov 2010 08:10 AM
Sen. Judd Gregg, R-N.H., warns that if the United States doesn’t quickly cut its deficit and debt, it will become like Greece in a few years.
"This nation is on a course where if we don’t do something about it, get federal situation, the fiscal policy [under control], we’re Greece. We’re a banana republic," Gregg told CNBC.
"Our status as a nation is threatened by what we’ve got coming at us in the area of deficit and debt. And it’s only a few more years, at the most, that we have to work with here before the market says, ‘Sorry, your currency is something we cannot continue to defend.’"
Last month, the U.S. government posted its second straight annual budget deficit in excess of $1 trillion as lingering unemployment constrained tax revenue. The shortfall totaled $1.294 trillion in the fiscal year ended Sept. 30, second only to the $1.416 trillion deficit in 2009, the Treasury Department said.
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