Sen. McCain: ‘Unless We Enact Draconian Measures,’ America Faces a ‘Fiscal Meltdown’

By Nicholas Ballasy | April 12, 2011 | 5:53 PM EDT

( – Senator John McCain (R-Ariz.) said that “unless we enact draconian measures,” America is headed for a “fiscal meltdown.”

“We are at a critical juncture in American history that unless we enact draconian measures, then the results are very obvious, and that is a fiscal meltdown. No country can borrow 40 cents out of every dollar it spends – even the largest and most powerful nation in the world. No nation can continue on that track. So, tough medicine is required,” McCain said during a press conference at the U.S. Capitol on Tuesday.

McCain said the United States faces a fiscal situation similar to Greece, Spain and Ireland.

“I noted with some interest when Greece and Spain and now Ireland and other countries faced a severe financial meltdown,” he said. “The first thing that had to be cut was entitlements and benefits. What’s the difference between the United States and these countries? We’re just not there yet but we’re headed on that path.”

Sen. John McCain (R-Ariz.). ( Starr)

“I know of no economist outside of those, the most liberal that believe that we’re on anything but an unsustainable path and unless we make these significant cuts and savings then the first to go, once you’re in a crisis, are the very programs that so many of us say we’re dedicated to saving.”

He continued, “People who had spent all their whole lives contributing to Social Security and to Medicare -- those will be in danger if we experience a fiscal meltdown. We’re on a spending spree and I’m not going to point fingers at who’s responsible. That’s for others to do – and I will do from time to time myself.”