Senator Judd Gregg isn't optimistic about where the Obama administration is taking us.

If the US government doesn’t act soon to reduce the deficit and debt, it will become like Greece in a few years, Sen. Judd Gregg, (R-N.H.), told CNBC Wednesday.

"This nation is on a course where if we don’t do something about it, get federal situation, the fiscal policy [under control], we’re Greece. We’re a banana republic," said Gregg.

I happen to think the Tea Party is in the mainstream of where political thought is right now,” Gregg went on to say. “[It’s to] Get the deficit under control, get the debt under control and pass on to our children a country that is prosperous and secure. We’ve had a radical explosion in the size of government in the last two years: You’ve gone from 20 percent of GDP to 24 percent of GDP headed toward 28 percent of GDP. That has to be brought under control or basically we’re going to bankrupt the country."

Evan Bayh wrote in the New York Times yesterday in a manner that won't make him popular with libs as he sought to explain the Obama defeat at the polls.

We also overreached by focusing on health care rather than job creation during a severe recession. It was a noble aspiration, but $1 trillion in new spending and a major entitlement expansion are best attempted when the Treasury is flush and the economy strong, hardly our situation today.

And we were too deferential to our most zealous supporters. During election season, Congress sought to placate those on the extreme left and motivate the base — but that meant that our final efforts before the election focused on trying to allow gays in the military, change our immigration system and repeal the George W. Bush-era tax cuts. These are legitimate issues but unlikely to resonate with moderate swing voters in a season of economic discontent.