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Obama Could Push US Into Insolvency Like Greece: Sen. Gregg

The Obama administration is "Europeanizing" the US with big government programs that eventually will make the country as insolvent as Greece, Sen. Judd Greg, R-N.H., told CNBC.

“We’re projecting that our public debt is going to cross the 100 percent line by 2020,” Gregg told CNBC Monday morning. “That means we are insolvent; that means we are like Greece.”

The total US public debt outstanding is $13.2 trillion, according to the U.S. Department of the Treasury, about 94 percent of Gross Domestic Product.

Among the things Gregg, a ranking member of the Senate Budget Committee, said are contributing to this unsustainable path are health care reform, the stimulus package, benefits for retireesand over-taxation.

“We have to make a decision here as a nation, and the decision is going to be do we track the European model or do we reenergize the American model, which is to incentivize entrepreneurship,” said Gregg.

“We’ve got to get that spending, as a percent of GDP, back down to something that’s sustainable,” he added.

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