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Former Commerce nominee: Obama will "bankrupt" America

New Hampshire Senator Jud Gregg, whose economic expertise was so respected by the Obama White House the president wanted him to lead the Commerce Department, told CNN's "State of the Union" program Sunday Obama's runaway spending during a recession will "bankrupt" the nation.

"The practical implications of this is bankruptcy for the United States," said Gregg. "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."

Gregg gets points for telling the truth about Obama's crippling spending plans, which are promptly taken away for not pointing this out when Republicans were doing it.