Sen. Gregg: Obama Bankrupting Nation, American People Face 'Horrific' Future

Sen. Gregg: Obama Bankrupting Nation, American People Face 'Horrific' Future: "Using his strongest language to date, Sen. Judd Gregg (R-NH) continued to sound the alarm about the dangers Barack Obama's budget policies pose to the fate of the nation in a speech given today to the New England Council in Bedford, New Hampshire.

The Ranking Member on the Senate Budget Committee has been speaking out in very stark terms about the effects Obama's trillion dollar deficits and out of this world spending will have on the near and long term future of the American people.

The Union Leader quoted Gregg as saying Obama's fiscal policies will lead to bankruptcy for the nation.

Gregg took aim at the President's $3.83 trillion proposed budget, which the Senator claimed would lead to economic disaster.

'We are right now, unquestionably, on a financial course which is unsustainable, which If we continue on this course, will lead our nation into some level of fiscal bankruptcy.'

The AP quoted Gregg as saying Obama's policies will likely cause a 'horrific event.'

'The threat is that five to seven years from now we're going to have to substantively devalue the dollar, creating an inflationary event which would be a horrific event for the American people ... or alternatively, we will have to raise taxes so dramatically to catch our tail here on the spending side that we will basically crush productivity.'

Gregg used slightly less alarmist language when he wrote in Investors Business Daily in June 2009 of his concerns about the ruinous debt Obama was planning for the nation.

Right now we are on a perilous and unsustainable fiscal course, which, if left unchecked, will lead to some disastrous results — devaluation of the dollar, massive inflation and a confiscatory tax rate on our children that will destroy any hope for the same economic opportunities and lifestyle that we have enjoyed.

Gregg's proposal for a bi-partisan Congressional committee on debt reduction was recently waylaid by partisan brinksmanship.

Gregg is retiring at the end of the 111th Congress after serving three terms as senator."