Rand Paul Slams Alarmist Arrears Rhetoric, Outlines Fiscal Change Plan
Senator labels doomsday talk as “completely dishonest”
Senator Rand Paul has slammed ‘ doomsday’ talk regarding the financial debt ceiling and a potential arrears, saying that such rhetoric can be “ completely dishonest. ”
Showing up on Fox Business along with Larry Kudlow, Paul noted that such alarmism will “ worry the markets, and it is bad for the country and harmful to all of us, ” further explaining that “ There is absolutely no reason behind us to default. ”
“ The interest payments are regarding 400 billion, ” Paul continued, adding “ All of us bring in about five trillion, so we have plenty of money to pay our interest payments. We have plenty of money to pay our soldiers, to pay our social security and to pay money for Medicare. ”
Paul went on to explain that spending has to be trimmed, yet over time.
“ We’re about a third overdrawn, so there’s an enormous quantity of government we’d have to cut, ” Paul asserted, incorporating “ if you do it over a five-year period, what I proposed recently, you bring the baseline down, you cut $100 billion immediately and then you freeze spending for about four or five many years. Guess what? You actually achieve balance through growth, and so it can be done and it can be done with really small amounts. ”
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Earlier this week, Paul pointed out that the current back and forth between Democrats and Republicans over the debt ceiling should make it clear that fiscal reform is essential.
“ Whenever we were to have a $100 billion dollars cut — which would have us spending way more compared to we spent before COVID — $100 billion cut and free spending, ” Paul said at a press conference, noting “ We would balance our budget in only four years. ”
“ We have an opportunity here. It could be done. But it would take compromise in between both parties, ” he ongoing. “ Republicans would have to quit the sacred cow that will says we will never contact a dollar in military, and the Democrats would have to give up the sacred cow that they will never touch a dollar in welfare. ”
“ President Biden needs to know absolutely he will negotiate and it’s better to begin immediately, ” Paul urged Wed.
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