Boozman Warns of "Greek-Like Catastrophe" if Spending is Not Reduced

Press Release

U.S. Senator John Boozman today took to the Senate floor to push his colleagues in the Democratic-led Senate Majority to end the talks of tax hikes and instead focus on substantial spending cuts to prevent a "Greek-like catastrophe."

"We could very well end up like Greece if we do not handle this crisis properly. This is the last thing we want to experience in our great country and that is why we need to reform our fiscal policy and the way we've done business. There is too much at stake not to take action," Boozman said.

Boozman stressed that the Obama Administration's refusal to rein in reckless spending and intention to raise taxes instead is pushing us closer to defaulting on our nation's debts, as the American people do not want the debt ceiling raised unless significant cuts are made and a spending cap mechanism is put into place.

"The big ticket items they have already passed--specifically the President's stimulus and health care bills--have put our country on the path of unprecedented level of spending that will keep us in the red for my lifetime, my children's lives and well beyond. The administration's refusal to cut the excessive spending, much of which the nation never asked for, will put us on course for a Greek-like catastrophe. Without action, annual interest payments on the national debt alone will exceed 40 percent of GDP by 2080," Boozman said.

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