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Argument: U.S. is risking its own sovereign debt crisis

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"Five Reasons Not to Support a Bailout of Greece", The Heritage Foundation, May 2010 "It was bad enough when the federal government bailed out AIG, and then Fannie Mae and Freddie Mac, and then many of the mega banks, and then GM and Chrysler. At least these firms had the modest merit of being U.S. companies employing U.S. workers. Even if U.S. government finances were in pristine shape, U.S. taxpayer dollars should not be used to bail out a perennially dysfunctional state. But as spending-driven trillion dollar budget deficits and a presidential debt commission starkly evidence, the U.S. is seriously risking its own Greek-style sovereign debt crisis. Fortunately, the U.S. does not need an IMF bailout; it needs only a President willing to acknowledge that he has led the country on a Grecian spending binge it cannot afford."

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