Paul Ryan: US on Verge of ‘Debt Crisis Like Europe’

Thursday, June 7, 2012
By Paul Martin

By Greg McDonald
Thursday, 07 Jun 2012

House Budget Committee Chairman Paul Ryan says lawmakers have two years to get the nation’s debt under control “before we have a debt crisis like Europe is experiencing.”

“What is going to happen is, just like Europe, politicians made all of these empty promises, which turned into broken promises,” the Wisconsin Republican told Fox News’ Sean Hannity Wednesday. “The bond markets turn on and you have a debt crisis, cranking up taxes, cutting benefits for current seniors, slowing down the economy, having a lost decade.”

Ryan, who met with officials from the Congressional Budget Office (CBO) earlier Wednesday, warned the country could be facing an economic disaster without a course correction.

“I had a hearing with the CBO just today. They are saying that the path we are on, with the debt levels we are incurring, they don’t know how to measure the economy going forward after the mid-20s, -30s because the debt will crash the economy,” he told Hannity.

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