Sen. Grassley: US Teeters on Brink of Fiscal Armageddon

Wednesday, 09 Nov 2011 07:10 PM
video at the link

Sen. Charles Grassley tells Newsmax in an exclusive interview that the United States faces fiscal Armageddon because of the mammoth and growing national debt.

The Iowa Republican's comments on the country’s economic plight resonate on a day when Europe’s debt crisis dragged the Dow Jones Industrial Average down 389 points. Also Wednesday, the S&P 500 lost 3.7 percent, its biggest one-day drop since August, after Italy's borrowing costs soared and talks collapsed in Greece on forming a new government.

The United States’ total debt is about to surpass $15.21 trillion, marking the first time in modern history that the debt surpassed the nation’s economy. The country is joining a short list of nations, including Greece and Italy, whose debts are larger than 100 percent of their economies.

Asked whether he agrees the United States is on the precipice of a “fiscal Armageddon,â€