A Wisconsin Congressman is raising concerns about the direction of government spending.
Congressman Paul Ryan (R-WI) says the US should pay close attention to the lessons being learned from other countries economic problems. He says it’s a real time lesson of marketplace justice, and the economic turmoil that can be inflicted on countries mired in debt.
The Janesville Republican says Congress should be working to reign in entitlement programs and other government spending to prevent this from happening in the U.S. So far though, Ryan says that’s not happening.
If spending is not brought under control, Ryan warns that the U.S. could easily face a European-style economic crisis. Ryan says we should shore up budget deficits before the market demands action.
Ryan’s comments were made as the House Budget Committee opened a hearing Wednesday with Federal Reserve Chairman Ben Bernanke.
AUDIO: Andrew Beckett reports (1:02)
