SENATOR JUDD GREGG SAYS OBAMA BUDGET DEFICITS PUTS U.S. ON PATH TO BECOME BANANA REPUBLIC

GREGG: "The 'systemic risk' today is the Congress of the United States"

Describing Obama's out-of-control deficit spending as "staggering," Senator Judd Gregg (R-NH), told Fox News that, "The effect of it will be that it will pass on to our children a debt ratio which is not sustainable ... a public debt of about 80 percent of GDP (Gross Domestic Product), which basically is the type of debt ratio you see in banana republics. Gregg said that the deficits are the equivalent of "running your country into the ground."

In response to the recent announcement that the 2009 budget deficit came in at $1.4 trillion, triple the previous record set in 2008, Gregg told CNN's Jon King, "The figures mean we’re basically on the path to a banana republic type of financial situation in this country. And you just can’t do that. You can’t keep running these programs out and not paying for them. And you can’t keep throwing debt on top of debt.”

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