Republicans in Congress remain pessimistic about Obama’s budget.
Wired PR News – Congressional Republicans expressed a total lack of confidence in President Barack Obama’s budget proposal on Sunday. As reported by the Associated Press (AP), GOP leaders predicted complete financial destruction if the spending bill is passed.
Sen. Judd Gregg is quoted as stating of the plan, “The practical implications of this is bankruptcy for the United States… 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.”
Christina Romer, Chairwoman of the White House Council of Economic Advisers, is quoted in the AP report as dismissing the assertions stating, “I have every expectation, as do private forecasters, that we will bottom out this year and actually be growing again by the end of the year.” Romer is further noted to have expressed the belief that there would be signs of an economic rebound in 2010.