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Congress Stands in Way of Economic Growth: Sen. Gregg

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The only thing that stands in the way of a boom in economic growth is fiscal policy, former Senator Judd Gregg said on Thursday.

“If this Congress with presidential leadership can step up and make some tough decisions and reach a comprehensive settlement on fiscal policy, you’re going to see this economy explode,” the New Hampshire Republican told CNBC’s “Closing Bell.”

Gregg still doesn’t expect a comprehensive solutionto emerge from the lame duck session after the November elections. “Hopefully, what you’ll get is a process in place for reaching a comprehensive agreement which will allow Congress to justifiably put off the fiscal cliff event,” Gregg said.

(Read More:US Fiscal Cliff Trumps EU Crisis as Top Worry: Survey.)

He expects reality to set in and force Congress to finally do something to address the fiscal situation. “It will be pretty obvious relatively quickly that the economy is going to stall out or go into reverse if they fail to execute,” he said.

Ben Bernanke also made a mistake by embarking on another round of Federal Reservebond-buying, or quantitative easing, because it takes the pressure off Congress to act.

But once an agreement is reached on entitlement reform and tax reform, Gregg expects the long-term fiscal certainty will lead to an explosion in economic activity.

Total Cost: $58,065Tuition: $43,840Room & Board: $13,980Fees: $245Claremont McKenna, located near downtown Los Angeles, accepted only 12.4 percent of its applicants for the class of 2016, a rate that admissions counselor Brandon Gonzalez said ensures that students here will be going to school only with other top students.�The class of 2016 will be one of the most talented groups of students we have ever seen,�  The school will charge these students a tuition of $21,920 per semester, or $43,840 for the entire academic year, incurring a total cost of
Total Cost: $58,065Tuition: $43,840Room & Board: $13,980Fees: $245Claremont McKenna, located near downtown Los Angeles, accepted only 12.4 percent of its applicants for the class of 2016, a rate that admissions counselor Brandon Gonzalez said ensures that students here will be going to school only with other top students.�The class of 2016 will be one of the most talented groups of students we have ever seen,� The school will charge these students a tuition of $21,920 per semester, or $43,840 for the entire academic year, incurring a total cost of

“I think the opportunities for a real robust economic event are right there,” he said, noting the country’s vast energy resources and leading edge in technology.

“The only thing that stands in our way is fiscal policy,” he said.