Rep. Ron Paul on Debt Ceiling: More of the Status Quo is LikelySubmitted by DeMolay on Wed, 05/25/2011 - 03:27
Rep. Ron Paul (R-TX) slammed the national debt in his weekly Texas Straight Talk installment. Paul argued that if congress raises the debt ceiling the message to economic markets “is simple: business as usual will continue in Washington; no real spending cuts will be made; and fiscal austerity will remain a pipe dream.”
Paul’s piece comes at a crucial time as the U.S. officially hit the debt ceiling as of May 16 and congress has until August 2 to raise the debt ceiling, according to Treasury Secretary Tim Geithner, or else the U.S. won’t be able to pay off its debts. “If the new Republican majority in the House of Representatives gives in to establishment pressure by voting to increase the debt ceiling once again, you will know that the status quo has prevailed,” wrote Paul.