Ron Paul’s Debt Ceiling Warning

Date: 05/26/2011


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.

  • beatevery1
  • Richardgwm

    Ron Paul is a fool.

  • superfish812

    in the last 30 years we had 20 years of Republicans and the majority of the 13 trillion dept was created under Republicans. So now they want to clean up the mess they created? do people really believe that bullshit?


    My faith stands as man continues to trust the lie rather then the one who gave all life…Man can worry..but God’s children were taught not to so I won’t Amen

  • libertyrdeath1

    Thumbs up if you think Bill Hemmer is a stupid sock puppet!

  • VivaMydick

    go to Federal reserve official site, Ryan plan is most expensive and wasteful

  • zeno57

    Rearranging the chairs on the Titanic wont keep it afloat.After collapse Food ,guns and ammo will be most valued ‘

  • jonvssocrates

    Ron Paul is the only one with a brain in DC. I would rather have Obama that the other two GOP canidates.

  • bootypicture

    I like Ron Paul. It’s crazy to see that anchor with so much Gravitas and so little brains

  • beatevery1
  • t66wood

    People elected Obama on the superficial claim of change, but the only change that has happened is that we are not further down the road of continuing illogical and failed policies. They should have voted for Ron Paul who would have brought actual change.

  • simplegal84

    the anchorman is so eager to shoot down ron paul in any way he can pick on..crazy anchorman.

  • MrCoal11

    I say cut this reporters salary in half, what a “Dick”.

  • Pomiferous

    Debt ceilings were designed to need constant raising it seems.Sounds like a good recipe for financial collaspe.No wonder the loaners are always licking thier chops over interest payments.

  • sandinista420

    I respectfully disagree with Dr. Paul. We must raise the debt ceiling to avoid a economic disaster. But, yes, we need to cut the debt. Urgently!!! Reform entitlements, cut defense, reform tax code.

  • zendros

    That anchorman is a snotty little prick!

  • bigken61

    Here, I’m going to make it as simple as possible.

    1. The Military Industrial Complex “invests” MILLIONS in “front-runner” Candidates
    2. “Front-runner” Candidate gets elected.
    3. “Representatives” give BILLIONS in “aid” to the militaries all over the
    world with the condition that the “aid” be used to “buy American.”
    4. The Military Industrial Complex makes TRILLIONS of dollars.
    5. Go to step 1.

  • bigken61

    “All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation.” – John Adams

  • bigken61

    “The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money, which created unemployment and dissatisfaction. The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the prime reason for the Revolutionary War.” ~ Benjamin Franklin

    Does this sound familiar?

  • tek510

    The Gallup poll is bullshit and that is why it has a 4% margin of error. Ron Paul actually is leading the GOP candidacy and the people know.

    Also wondering if anybody has heard of the predictions made by AJ for the upcoming weeks:
    1) staged shootout in America by Islamic terrorists will call for the ban of 2nd amendment in the name of protecting us
    2) Gov authorized hacking will allow for gov to control the internet also to protect us