New Hampshire Senator Judd Gregg says the United States is on an unsustainable financial course that he compares to a dog futily chasing its own tail.
Gregg spoke Tuesday to the New England Council, a group that represents the region’s businesses and academic and health institutions.
He said President Barack Obama’s $3.8 trillion budget proposal will result in the next generation having a lower standard of living than the current one. He said if spending continues to rise dramatically, in the next five to seven years, the U.S. will either have to devalue the dollar or raise taxes to a level that will crush productivity.
Congress recently rejected Gregg’s proposal for a bipartisan tax force to come up with a plan to curb the spiraling budget deficit.