Great Obama bankruptcy?

Copied and Pasted by: Jeffrey Kam

Since the inauguration of President Barack Obama, there has been a lot of talk among Republican legislators, as well as conservative commentators, about the dangers of a large deficit. The main consensus amongst these figures is that the Obama administration is leading the nation down a path of fiscal irresponsibility that could bring us to the brink of disaster later on. No doubt, there may be some truth to all these concerns about the deficit. After all, someday, the United States will be called on to pay the piper (in this case, the Chinese) for all the debt that we have accumulated.

These concerns once again were aired Sunday morning on CNN’s “State of the Union,” where Sen. Judd Gregg (R-NH), former Obama appointee to be Secretary of Commerce and ranking member of the Senate Budget Committee, expressed grave doubts about Obama’s new budget.

“The practical implications of this is bankruptcy for the United States,” Gregg said speaking with CNN’s John King. “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.

Click to read more