Gregg on Obama Budget

"The practical implications of [the Obama budget] 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."

-- Republican Sen. Judd Gregg, who was President Obama's choice for Commerce Secretary until his withdrawal, on the White House's $3.6 trillion budget.