VIDEO: Shelby: Budget threatens 'destruction of our economic system'

There will be no Republican compromise on the budget, because it threatens the "destruction of our economic system," the Senate's top Republican on the Banking Committee declared Wednesday.

"I don't think we should compromise destruction of our economic system. And this is where we're going here," Sen. Richard Shelby (R-Ala.) said this morning on CBS. "We should work with the president when we think the president is right. But I believe he is totally going down the wrong road here."

Shelby, a longtime opponent of the bailouts for the financial industry, automakers, the president's stimulus plan, and the president's budget, said that the U.S. is at a key "tipping point" in its economic history.

"And if we tip over, it's a point of no return," he claimed. "We're looking at inflation and financial and economic destruction. We cannot go down this road."

Several times, Shelby also described the proposed budget as "scary," as well.

Watch the video of Shelby's comments below:

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