The economy will “crater” by August if pump prices continue to increase, warned Newt Gingrich on CNN’s State of the Union on Sunday.

“The price of gasoline is becoming a genuine crisis for many American families,” the former House Speaker and presidential candidate said. “If it continues to go higher, it will crater the economy by August because people will have no discretionary income.
The White House has said there are no “quick fixes” to rising costs.

In another interview Sunday morning, this one with ABC News, Gingrich said the president has “a goal getting us to pay European-level prices” for gas.

“This president and his secretary of anti-energy, Dr. Chu, have as a goal getting us to pay European-level prices of $8 or $9,” Gingrich said to ABC.