"American People Face 'Horrific' Future"... Using TARP as a slush fund is unconstitutional and illegal.
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.
CNN SHOCK POLL: MAJORITY SAY OBAMA DOESN'T DESERVE 2ND TERM
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October 1, 2009
CNN poll: 52% say Obama doesn't deserve reelection in 2012
By Michael O'Brien - 02/16/10 01:35 PM ET
52 percent of Americans said President Barack Obama doesn't deserve reelection in 2012, according to a new poll.
44 percent of all Americans said they would vote to reelect the president in two and a half years, less than the slight majority who said they would prefer to elect someone else.
Obama faces a 44-52 deficit among both all Americans and registered voters, according to a CNN/Opinion Research poll released Tuesday. Four percent had no opinion.
The reelection numbers are slightly more sour than Obama's approval ratings, which are basically tied. 49 percent of people told CNN that they approve of the way Obama is handling his job, while 50 percent disapprove.
Still, the 2012 election is still a long way's away, with this fall's midterm elections looming large. Republicans are hoping to make inroads into Congress, while Democrats are hoping to hold onto gains won in the 2006 and 2008 cycles.
Respondents to CNN were split at 46 percent as to whether they preferred a generic Republican or Democratic candidate in this fall's elections.
At least one retiring lawmaker is confident Obama will sail to reelection, with Sen. Chris Dodd (D-Conn.) predicting Monday the president would win "overwhelmingly" in 2012.
The government said Tuesday that foreign demand for U.S. Treasury securities fell by the largest amount on record in December with China reducing its holdings by $34.2 billion.
The reductions in holdings, if they continue, could force the government to make higher interest payments at a time that it is running record federal deficits.
The Treasury Department reported that foreign holdings of U.S. Treasury securities fell by $53 billion in December, surpassing the previous record of a $44.5 billion drop in April 2009.
(Excerpt) Read more at cnbc.com ...