CNSNews.com - U.S. Will be Like Greece in ‘Seven to 10 Years,’ Say Congressmen, Experts

Monday, June 07, 2010
By Jane McGrath

An anti-government rally in Athens on Wednesday May 5, 2010. Deadly riots over harsh new austerity measures engulfed the streets of Athens, part of nationwide strikes called to protest new taxes and government spending cuts demanded by the International Monetary Fund and other European nations as a condition for bailing out the financially strapped nation. (AP Photo/Thanassis Stavrakis)

(CNSNEws.com) - Sen. Judd Gregg (R-N.H.), along with other members of Congress and leading financial experts, is warning that the United States is in danger of being in the same dire situation as Greece – national bankruptcy -- in seven to 10 years unless the federal government radically curtails spending.

Last month, Gregg, the ranking Republican on the Senate Budget Committee, said the United States will “essentially be where Greece is in about seven years.”

“If we continue to spend much more than we take in," he says. "We'll double our debt in five years and triple it in 10 years and essentially be where Greece is in about seven years,” Gregg told the Fox Business Network in May. CONTINUE READING