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Wednesday
Jul202011

Judd Gregg on Debt Ceiling Drama: 50-50 Chance of 'Disruption'

Former Senator Gregg (US Senate)(WASHINGTON) -- Former Sen. Judd Gregg, R-N.H., now with Goldman Sachs, was a budget hawk during his long Capitol Hill career and, along with Sen. Kent Conrad, D-N.D., was instrumental in pushing for the president’s deficit commission.

On a Goldman Sachs conference call Wednesday, Gregg pegged the possibility of a government default at 50-50 and suggested that only a government shutdown would bring House Republicans around to increasing the debt ceiling.

According to a Business Insider live blog of the call, Gregg predicts a “50-50 chance that we go into a few days of disruption,” or at least a “weekend of drama.”

He does not hold out hope that the “Gang of 6” -- led by his former colleague Conrad and formed to help usher in the suggestions of the fiscal commission on which he sat -- can accomplish anything before the election.

On the ratings agencies threatening the U.S. AAA bond rating status, Gregg called them “stupid and naïve” for not being more cognizant of political realities.

“We'll straighten it out but our process doesn't allow it to do it overnight,” he said, according to Business Insider.

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