Former New Hampshire Senator Judd Gregg was back in Washington Tuesday. The Republican is trying to pressure political leaders to put aside their differences and address the nation’s debt problem.
Experts are calling it the ‘fiscal cliff’ and it’s as ominous as it sounds.
If Congress does nothing all of the Bush-era tax cuts will expire in January. At the same time hundreds of billions of dollars will be indiscriminately cut from the nation’s budget because of a deal party leaders worked out last year. Senator Gregg says now isn’t a time for partisan bickering.
“If we don’t get the fiscal situation under control we all know that were going to pass on to our kids a nation which is less prosperous, where they have less opportunities, and where the standard of living in this country drops rather dramatically, and we don’t have to look much farther than across the pond to see what’s happening when you don’t address the issue and address it effectively.”
Gregg is a Co-Chair of the non-partisan Campaign to Fix the Debt. The group says new revenue and big spending cuts are needed to fix the debt problem. But even with pressure mounting from outside groups analysts say lawmakers in both parties are more focused on November’s elections than addressing the glaring problem