Thread: Sen. Gregg: 'We're Greece' in a Few Years

'We're Greece' in a Few Years: Sen. Gregg

Published: Wednesday, 3 Nov 2010 | 9:32 AM ET
By: Michelle Lodge
Special to CNBC.com

If the US government doesn’t act soon to reduce the deficit and debt, it will become like Greece in a few years, Sen. Judd Gregg, (R-N.H.), told CNBC Wednesday.

"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," said Gregg.

"Our status as a nation is threatened by what we’ve got coming at us in the area of deficit and debt. And it’s only a few more years, at the most, that we have to work with here before the market says, ‘Sorry, your currency is something we can not continue to defend.’ "

Gregg and Senator Evan Bayh, (D-Ind.), debated on CNBC the results of the midterm elections, in which Republicans took the House, while Democrats retained a razor-thin majority of the Senate.

“I happen to think the Tea Party is in the mainstream of where political thought is right now,â€

Germany Concerned About US Stimulus Moves

Published: Thursday, 4 Nov 2010 | 8:07 AM ET
By: Reuters

Germany's Economy Minister Rainer Bruederle said on Thursday he was concerned that the United States was trying to stimulate growth by injecting liquidity into its struggling economy.

The U.S. Federal Reserve launched a fresh effort to support the U.S. economic recovery, committing to buy $600 billion in government bonds which lifted riskier assets around the world despite concerns the programme could do more harm than good. http://www.cnbc.com/id/39990450/

Bruederle also said there was some truth to the criticism that the United States was influencing the dollar's exchange rate with monetary policies.

He said he was also concerned about increased protectionism in different forms around the world.

http://www.cnbc.com/id/39968918