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Well our next guest says that what happened grief may be an early warning signal to all -- nation like our that have been living.
-- beyond their means from.
Wait too long she is congresswoman Cathy McMorris Rogers a Republican from Washington.
Congresswoman thank you for being here booties just came out without shocker that.
Maybe as soon as 2013.
We could be approaching a situation very similar to that of Greece's.
Are you as concerned as Moody's this.
-- I I certainly don't like the current path we cannot continue to borrow and spend our way into prosperity.
The numbers are pretty staggering when you start looking at America's.
Debt right now and is the projection is that this year our deficit will be one point four trillion.
And for the next ten years is at a minimum of a trillion dollar deficit and we could very likely face of a similar situation as Greece where our debt.
Did GDP ratio is a 100% they're at a 113%.
And what that means is that.
That pay it'd be like your paycheck.
Not covering your credit card bill on a monthly basis.
And you just don't have enough money coming in to even cover the credit card debt that's where America is headed right now we don't change course.
-- congressman and there are caught you know the Federal Reserve has acted again to help with that they'll Europe and essentially the bond markets usually.
Have exerted fiscal discipline and that have -- it true that it's hard.
But a central banks are there any physical to discipline when they may be part of the.
It in the European -- and I I -- yet in order to join the European Union.
Your your deficit was not to be more than 3% of your GDP in your debt more than 60%.
Greece has never -- those thresholds and there was really a lack of enforcement a lack of earlier on taking steps to get -- their financial house in order and force them.
To take some steps to.
Scale back maybe some spending caps -- some.
That -- pro growth policy that would get their economy going before we found ourselves in the situation where -- they're facing you know as that they have to ask for these massive bailout.
Greece of course cannot devalue their currency that's what this is all about because they have the Europe we can't.
We can debase our currency in order to try to print just print more money to pay our debts of course that would devalue the money that all of us have do you think that's what's gonna happen or will we find religion and and get fiscal discipline.
I am I'm very I'm very concerned about that the possibility of devaluing our currency Europe or -- not being able to go out and and get that the loans that we need right now we're borrowing 43 cents on every dollar.
So when we start but you know big helping bail out European countries -- actually borrowing from China in order to help bail out European countries.
I don't believe the US taxpayers believe that this is that the right approach and that US taxpayers would like to see.
Congress get some fiscal discipline they like to -- -- pass balanced budgets they believe it's very important to our future to our children in our grandchildren's.
Future opportunities in this country that we do so do you worry that our government here and -- -- -- kind of hyperactive here is overreacting.
-- I'm I'm I'm absolutely concerned that our our government is spending too much money it just seems.
That the answered every problem right now is to spend more money we spent a trillion dollars on the stimulus we just have to health care bill that is estimated to be.
Over a trillion dollars.
And there's other proposals on the table that are going to continue to add.
To our deficits rather than really be.
Taking steps in America to get our economy growing again that's what needs to happen we have fifteen million Americans out of work.
The best thing that we can do is enact some pro growth policy that we get our economy growing get people back to work and then that would help our government.
Fiscal situation also.
Congressman we have run but I got to ask you about what happened in Utah over the weekend senator Bob Bennett Republican in the solve -- conservative lost his bid in the primary.
Even though he's the incumbent.
Partly folks say there because he voted for the bailout is any Republican -- voted for the bailout in trouble now.
Yeah I I believe so I I believe that.
America is very concerned about the current path -- spending and -- they want leaders that are going to get our fiscal house in order and it's.
The result is its anti incumbent it's frustration with the current direction that his plane out in a really anti incumbent let's get some new people in Washington DC.
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