Sen. Gregg: Federal, State Governments Facing Grecian Tragedy in a Few Years


Newsmax.com
November 4, 2010

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Sen. Judd Gregg, R-N.H., warns that the United States could end up in dire financial straits like Greece’s in a few years if it doesn’t cut its deficit and debt — and quickly.

The federal government and state governments are facing massive debts moving forward. States alone are looking at unfunded pension shortfalls for police, emergency, and government workers totaling between $3 trillion and $5 trillion during the next two decades, the Economist magazine reported recently.

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“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.

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