Ron Paul’s Debt Ceiling Warning

Date: 05/26/2011

Transcript

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Fox News Anchor: You can get used to that music, can’t you? Ron Paul (R—TX) has a warning about raising the Debt Ceiling. He’s running for the White House, and he’s warning House Republicans not to cave in from pressure on the Left, and this $14 Trillion figure is not going in the right direction for anyone. He’s also running for the White House, as I mentioned. He’s with me now. Congressman Ron Paul, how are you doing, sir? Good morning to you.

Ron Paul: Doing well. Thank you.

Fox News Anchor: You had some pretty stern words toward your colleagues. What’s wrong with raising the Debt Ceiling for a short period of time?

Ron Paul: I think, “for a short period of time”: that’s the problem. I think it will only encourage spending. We’ve been raising the debt limit for quite a few years. I was concerned about too much spending back in the 1970’s. So you know what I’m concerned about now, because I thought in the 1970’s this would continue, and we’d wind up in a financial crisis. And we’re in the middle of that. So to continue the process is just like driving yourself into a cliff.

Fox News Anchor: But do you have any information that would suggest the Debt Ceiling would not be hiked at some point very soon?

Ron Paul: No. You know, I—

Fox News Anchor: So, it’s going to happen then, you think?

Ron Paul: I think it’s like the C.R., down to the wire, to the last second. I think it will be raised. So our problems won’t be solved; that means that— See, the two things that permit the Congress to spend will be raising the debt limit, and, not even thinking about or addressing the subject that if we have too much debt the Fed can monetize it. Those are the two big problems. And I object to both.

Fox News Anchor: Well, what? If you trim the spending, would you give a little on that? Or are you going to hold firm on your position?

Ron Paul: Oh I wouldn’t—I don’t believe in those kind of deals, because you know—let’s say they raise the debt limit and they promise to cut so-much in the next five years. The only budget that counts is this year. They can’t predict revenues for next year; they can’t predict unemployment; they don’t know what interest rates will be. So it’s all up for grabs. So to say, “Oh, in a year from now we’re going to cut spending,” I don’t believe that.

Fox News Anchor: The reason I asked you that is because you voted against Paul Ryan’s plan, his budget, which a big part of it was trimming Medicare. According to him, he could save about $6 Trillion dollars over ten years. Why wasn’t that good enough to support?

Ron Paul: Well, you know, I gave him a lot of credit for at least addressing it. And I think he gets a bum rap when they paint him as “destroying Medicare” when he doesn’t even touch anybody 55 and over, and he makes an honest effort to make a proposal. But you know, when you looked at the deficit five or ten years out, his deficit was only slightly better than the Democrats’ and the President’s deficit. So, and like I said, it doesn’t really count. The other thing I said—

Fox News Anchor: I think the phrase you used was “rather feeble,” talking about that. By what way? Was he not taking out big enough bites for you, or not?

Ron Paul: Well, I don’t think it was in the right place. See, I think we should take a look at the military-industrial complex. I think we should look at the empire, because that’s unsustainable, too. And there’s a growing concern about that. And right now we’re voting on the DOD [Dept. of Defense] budget, and there’s a strong sentiment to say, “You know, enough is enough. It’s time that we start coming home.” So I want people to look at the entire budget. But I like the position of being able to opt out. The Republicans are right when they were screaming about Obamacare: “We want the right to opt out!” I do! I want the People’s right to opt out, and do our best to cut back elsewhere, and try not to throw anybody out in the street. But as long as we do nothing, everybody’s going to thrown out in the street, because we’re going to have a dollar crisis. And that is much worse than anything we have faced here in the last 20 or 30 years.

Fox News Anchor: Gallop comes out with a poll, just today in fact, that has you running with about 10% support right now in the Republican field. [Graphic: “Possible GOP Candidates”: Mitt Romney 17%, Sarah Palin 15%, Ron Paul 10%, Newt Gingrich 9%.] There’s your top four; you’re ranking #3. You made a comment just this week about Mike Huckabee dropping out in Iowa. You think that “favors you”? And then you said, “Over the past four years, things have changed in a significant way… and people are more enthusiastic.” In what way do you sense that?

Ron Paul: Wow. Well, in everything that I’ve been talking about—the financial crisises [sic] here, it wasn’t admitted to in 2007 and 2008, and now everybody knows it’s here; they talk about the Federal Reserve; they’re talking about foreign policy; and they’re talking about the serious nature of what we’re facing. But the receptions are different. The crowds are larger and more exciting, and with Huckabee out of the race there’s a lot of good Conservatives there that want to stick to their guns and cut spending. So yes, every place I go, the atmosphere has changed. That doesn’t mean that everything is going to be “smooth sailing” and it’s not a big job for me. But, I know what’s ahead, but I do know that the sentiment in this country has changed dramatically in the last four years.

Fox News Anchor: The last time we talked—I think it was two weeks ago—you said that you were talking about this for decades, and now people are coming around to your kind of thinking. So, we’ll see whether that carries you through in Iowa. Thank you, sir. We’ll talk again real soon. Ron Paul, the Congressman out of Texas.

Ron Paul: Thank you.

  • tripfunkmonster

    If Ron Paul, & other bloodthirsty corporate elitists, care so much about the Fed monetizing our debt then why do they give huge tax breaks to rich people who don’t need it? They know full well that they are putting the responsibility for our fiscal health on the middle class. Corporate elitists gamble with our money, redistribute OUR wealth & then cry that the sky is falling (bailout!). Then, we vote business people into our gov’t who give MORE of OUR MONEY to these leeches. Wake up, people!

    »crosslinked«

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  • GNut1980

    that reporter is an absolute asshole….its clear that as soon as he introduced ron paul the reporter’s face was full of hate for ron paul…he needs to get his ass kicked

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  • hatewickedness

    I couldn’t be interrupted like this because I would tell that reporter where to go and then they would throw me off the show.

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  • roteViolation

    i had decided to impose a ceiling on the amount of p i get – but then, i kept raising it – now i have paternaty suits, husbands with shotguns after me, aids, herpes, gonorrhea …

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  • roteViolation

    you can’t raise a debt ceiling – if you raise it, it isn’t a ceiling

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  • Angelsigns2012

    What is happening in Washington is just theater. Both parties will do what the federal reserve orders them to do.

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  • cesar333

    I think america likes to pay and feed the whole world. I ask anyone to come to NYC and see people who become new citizens and start collecting social security and medicare. They dont put a second into this country.

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  • lgreenl

    /watch?v=SkAOAfH8PtA&feature=channel_video_title

    ^^^ (FAILING) THE DEBT CEILING WATCH

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  • lgreenl

    /watch?v=SkAOAfH8PtA&feature=channel_video_title

    ^^^ (FAILING) THE DEBT CEILING WATCH

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  • JUANO510

    RON PAUL JUST GAVE ME CHILLS…. HE’S AMAZING MAN…

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  • Chromozome1205

    Raise the debt ceiling. We may as well all give our teenage daughters brand new platinum cards with 50,000 dollar credit limits. I don’t know what fairy tale world these ppl are living in, but it must be nice to to wipe your ass with hundred dollar bills.

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  • goog2k

    President Ronald Reagan in a Letter to the Senate, 1983:
    “This country now possesses the strongest credit in the world. The full consequences of a default or even the serious prospect of default by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and on the value of the dollar in exchange markets. The Nation can ill afford to allow such a result.”

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  • ReformedOrder

    Good God! Looking at those numbers move! This country is finished, guess God is done “blessing” America thanks to our evil greedy leaders………

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  • MRTEL7777

    Americans are self adsorb, selfish narcs. we are too materialistic and greedy. we use ppl rather then connect with ppl. look up “Winston Wu”

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  • goog2k

    Ronald Reagan 9/26/87 Radio Address:
    Congress consistently brings the Government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the Federal deficit would soar.
    The United States has a special responsibility to itself and the world to meet its obligations.

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  • aidanmullan

    Join Sarah Palin, Mike Huckabee and John Boehner in cutting, capping and balancing the US budget. Click below to sign the petition to fight the government spending.

    We are raising over 10,000 petitions daily. Act now to save our Country!!!

    To sign go to persisyenceforprosperity(dot)org

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  • David29538

    Here is more interesting articles feedbox.info

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  • ghostgate82

    The Illuminati handlers have Palin running for the SOLE reason to soak up Paul votes from the sheeple! I wish people understood how this chess game works…

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  • MrForestor

    *READ THIS FOR RON PAUL!*

    Ron Paul money bomb tomorrow. Check out my video response, or go to Facebook and type in “Ron Paul’s Ready, Ames, Fire Money Bomb”. It is important to donate so that Ron Paul can win the Iowa Straw Poll. Donate for Ron Paul…do it for LIBERTY. Like this comment so that other supports may see that we are raising money for Ron Paul!!!! I’m just a broke college student entrepreneur, and I’m still donating 10 bucks…so step up to the plate.

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  • JBurch6375

    This dumb ass anchor said short period of time like we are really supposed to believe the debt ceiling is going to be lowered in our lifetime.

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