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IPFS News Link • Economy - Economics USA

Gregg: 'We're going to be like a banana republic in 10 years'

08/04/2009 • The Hill

The U.S. will resemble a "banana republic" in 10 years if its fiscal situation stays on the same track, Sen. Judd Gregg (R-N.H.) warned Tuesday. Gregg, the ranking member of the Senate Budget Committee, asserted that programs like "cash for clunkers" would pile up to as much as 80 percent of the total U.S. economic output because of federal spending. "We're going to be like a banana republic in 10 years!" Gregg said during a panel discussion on CNBC. "Sure, Americans want the program. But if you stop and think about it, is it right to do for our children?"

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