Gregg: Deficits could bring bankruptcy

From Washingtontimes.com

Sen. Judd Gregg, New Hampshire Republican and one-time Obama pick to lead the Commerce Department, said the combination of new spending could cause the nation to go bankrupt.

“The practical implications of this is bankruptcy for the United States,” Mr. Gregg said on CNN's “State of The Union” on Sunday. “There's no other way around it. If we maintain the proposals which are in this budget over the 10-year period that this budget covers, this country will go bankrupt. People will not buy our debt; our dollar will become devalued.”