Tuesday, April 12, 2011
(CNSNews.com) – Senator John McCain (R-Ariz.) said that “unless we enact draconian measures,” America is headed for a “fiscal meltdown.”
“We are at a critical juncture in American history that unless we enact draconian measures, then the results are very obvious, and that is a fiscal meltdown. No country can borrow 40 cents out of every dollar it spends – even the largest and most powerful nation in the world. No nation can continue on that track. So, tough medicine is required,” McCain said during a press conference at the U.S. Capitol on Tuesday.
McCain said the United States faces a fiscal situation similar to Greece, Spain and Ireland.
“I noted with some interest when Greece and Spain and now Ireland and other countries faced a severe financial meltdown,” he said. “The first thing that had to be cut was entitlements and benefits. What’s the difference between the United States and these countries? We’re just not there yet but we’re headed on that path.”
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“We are at a critical juncture in American history that unless we enact draconian measures, then the results are very obvious, and that is a fiscal meltdown. No country can borrow 40 cents out of every dollar it spends – even the largest and most powerful nation in the world. No nation can continue on that track. So, tough medicine is required,” McCain said during a press conference at the U.S. Capitol on Tuesday.
McCain said the United States faces a fiscal situation similar to Greece, Spain and Ireland.
“I noted with some interest when Greece and Spain and now Ireland and other countries faced a severe financial meltdown,” he said. “The first thing that had to be cut was entitlements and benefits. What’s the difference between the United States and these countries? We’re just not there yet but we’re headed on that path.”
Read the entire article
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