VIDEO: Gregg calls Obama’s budget ‘staggering,’ warns of U.S. bankruptcy

The Obama administration’s budget proposals are “staggering,” and may eventually involve the bankruptcy of the United States government, the administration’s one-time Commerce secretary nominee said Sunday.

“I think your listeners have to understand how staggering the numbers are,” Sen. Judd Gregg (R-N.H.) told CNN in an appearance Sunday morning. “We’re talking about deficits which are four percent to five percent of GDP, which is not sustainable under any form of government.”

Gregg said that if spending continues at such a rate over the next ten years, the U.S. will go bankrupt.

“The practical implications of this is bankruptcy for the United States,” Gregg said. “There’s no other way around it.”

The would-be Secretary of Commerce called the administration’s budget explanations “unconscionable,” and encouraged a bipartisan reevaluation of long-term spending, especially on entitlements.

Watch a video of Gregg’s appearance below: