Washington Times: Ron Paul leading opposition to bailout.Submitted by Kevin Tuma on Wed, 01/28/2009 - 22:15
Rep. Ron Paul, Texas Republican, warned that Mr. Obama's plan to stimulate the economy will cause inflation and lead to a depression.
"This stimulus package is going to cause every American $6,700 of more debt," he told CNN in an interview.
Mr. Obama planned to meet with Republicans on Capitol Hill later Tuesday to discuss his proposal to boost the economy with spending on repairing the nation's infrastructure, schools and government buildings; offering tax breaks; and creating up to 4 million jobs.
Some Republicans oppose the plan because it does not stimulate the economy fast enough and say that it should contain more tax cuts that would take effect immediately.
Mr. Paul argued that printing more money to inject it into the economy only will create inflation down the road.
"More inflation is absolutely the wrong way to go," said Mr. Paul, a former presidential candidate. "We're taking a recession and trying to turn it into a depression. . . . To continue doing what we're trying to do isn't going to work. We're in the process of destroying the dollar" because of creating inflation. "We're going to see a real calamity."