Obama's Budget Is 'Fiscal Insanity': Sen. Gregg

President Obama's economic policies are promoting 'fiscal insanity' that is leading the nation down the path of insolvency, Sen. Judd Gregg (R)-NH told CNBC Monday.

"We're going to get ourselves into deep, deep trouble here if we continue to pursue this course of fiscal insanity, in my opinion," said Gregg, a ranking member of the Senate Budget Committee, said in a live interview.

"It's not just this year, which is the issue of stimulus," Gregg added. "It's the year after, it's the year after that and the year after, eight years out the president is projecting a trillion dollar deficit, a trillion dollars every year for the next eight years, that's not acceptable. You just cant do that to this country because you're basically taking us down the road of insolvency."