Kentucky’s junior senator, Republican Rand Paul, issued a statement following President Obama’s Monday evening address to the nation, in which the senator took the president to task for failing to provide a solution to address our current debt crisis, and instead insisting upon historic tax hikes. “The plans proposed by the respective leadership of both chambers of Congress do nothing to defeat our debt, but rather perpetuate it,” said Sen. Paul.
Observing that both congressional proposals currently on the table would require more debt increases to cover projected $7 trillion in additional spending over the next 10 years, Sen. Paul said that the nation needs “real spending cuts” that will balance the federal budget. “The Cut, Cap and Balance bill is a great starting point. Any deal must fix our debt problem, which I believe can only be solved through a Balanced Budget Amendment,” he said.
"I call on the President to stop threatening Americans with the possibility of defaulting on our debt. We have enough money coming in to keep paying out Social Security checks and the interest on our debt. Political scare tactics and smoke-and-mirror 'deals' won't solve our debt problem, and in fact will likely cause a larger one by forcing the downgrading of our debt rating. This is irresponsible by all parties. It's time for real leadership to protect our nation's fiscal security. It's time to balance our budget, “ concluded Sen. Paul.
On Tuesday, Sen. Paul joined with Republican Sens. Mike Lee (Utah), Jim DeMint (S.C.), and David Vitter (La.), to issue a “Dear Colleague” letter to their Republican House brethren, stating their opposition to the scheduled House vote on the debt limit extension and urging them to stand in opposition as well.
Sen. Paul urged all members of both chambers of congress “…who wish to protect American taxpayers” to stand together in opposition of the current proposals to raise the debt limit. He reminded his colleagues that the proposals would only cut spending by $7 billion, while increasing the national debt by at least $7 trillion in the next 10 years.
Sen. Rand Paul on Fox News with Neil Cavuto - 7/26/11