PALM BEACH — U.S. Sen. Marco Rubio bashed President Obama's $3.73 trillion budget as an irresponsible proposal that could create a "vicious debt spiral" by next year.
"His budget, if we follow it through, grows the debt astronomically over the next 10 to 12 years and bankrupts our country," Rubio told reporters at a stop in Palm Beach today.
Obama today proposed a 2012 budget would add $8 billion to the deficit. During a speech to members of the Palm Beach Business Group, Rubio said the current path of deficit spending will prove disastrous. He warned that rating agencies Moody's and Standard & Poor's could downgrade U.S. debt, leading to higher interest rates and higher costs.
"You get into this vicious debt spiral that before long triggers a sovereign debt crisis," Rubio said. "This is not something that's going to happen 10 years from now. This is not something that's going to happen five years from now. This is something that could happen before the next election. I hope not, but it could."