Rep. Ron Paul dismissed Speaker John Boehner's call for matching any increase in the debt ceiling with an equal amount of spending cuts, reports The Hill.
"I don't take it seriously," Paul said in an interview with Bloomberg's Al Hunt.
"Even in the '80s, when our good friend, Ronald Reagan, had a tax increase, which a lot of people forget about, he said he wanted two dollars of cuts for every dollar. Nothing happened. The deficit exploded. So do you think the American people are going to believe that we're going to cut in the future?"
Paul said lawmakers will eventually come to a compromise on increasing the debt ceiling before the limit is reached on August 2.
"I do," Paul said when asked whether he thought a compromise would be reached. "And that was the type of prediction I made about the [continuing budget resolution]. Remember, it went up to the last minute. Nobody knows exactly what will happen, but I said, they'll probably do it at the last minute. And I think that's what'll happen. It'll go up to the last minute, and they will raise the debt ceiling."
For better or worse, my guess has been that the ceiling will ultimately be raised. The only question is whether the R's have the stomach to stand their ground in demanding cuts.
ReplyDeleteRon Paul 2012!
ReplyDeleteIn the end, the debt always grows. Even in times of "almost" balanced budgets (LOL), the sovereign debt increased.
ReplyDeleteDebt is the only thing that keeps the money flowing in this fiat world, otherwise, there would be no money in circulation.
It's a catch-22 situation, whereby the debt is always greater than the actual money in circulation, the only way to keep it going is to increase the debt. Sure, MMT proponents will disregard any opinions on debt, instead calling government debt "savings"... But, in the real word, debt is exactly a debt owed to somebody else, and the people/nations that lent their productive worth tend to like to get paid in kind (esp. at the beneficial "interest" of the original contract).
For every dollar that comes in via revenue these effing morons (Dr. Paul and his kid excluded) spend 3, we're lucky to borrow 1 which leaves MORON Bernnake counterfeiting 1.
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