View Full Version : Paul warns failure to reduce debt will have global consequences

01-18-2012, 02:59 PM
Republican presidential candidate Ron Paul warned again on Wednesday that failure to start reducing the federal debt will have dire consequences for both the U.S. and the rest of the world.

"I believe we're in denial here in the Congress," Paul said on the House floor. "If we had the vaguest idea of how serious this crisis is financially, not only for us but for the world, we'd cut spending, because you can't solve the problem of debt by accumulating more debt."

Paul, who has been less visible in Washington lately due to his presidential campaign, blamed both parties for running up the debt when the country was perceived to be more wealthy. But now, he said, times have changed.
"If we don't do something, we will be forced under very dire circumstances, because we cannot bail out the world," Paul said.

"We've been downgraded, France is downgraded, Greece is downgraded, and we believe that all we have to do is spend more money and inflate the currency. Believe me, we ought to face up to reality and live within our limits."


And here is Ron's plan to balance the budget in 3 years, without touching social security, medicare or veteran's benefits, and turning medicaid and welfare over to the states in block grants.