Hass: EU collapse is a wake-up call to the U.S.

Council of Foreign Relations president Richard Hass on Monday said the economic turmoil taking place in Europe should serve as a warning to America as it continues to take on more debt. 

"This is a warning to the United States," he said on MSNBC's Morning Joe program. "If you live for long way beyond your means, if you allow yourself to become insolvent, the market will make you pay a price."

Hass's statement comes on the heels of the International Monetary Fund predicting the U.S. national debt will soon reach 100 percent of gross domestic product. By 2015, the IMF suggests the debt level could surpass GDP. 

The IMF, along with the European Union, recently stepped in to the financial crisis in Europe and created a bailout fund for countries that can no longer afford their debt. The crisis that began in Greece is expected to spread to other member states and could soon affect EU powerhouses like the U.K.

"So rather than feeling in any way superior to the Europeans, this is our warning shot," Hass said. "We need to get our fiscal house in order."