'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€