Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Rep. Ron Paul on the Debt Negotiations

Details

  • Description

    Rep. Ron Paul, (R-Texas), on efforts to rein in government spending to reduce the debt.

  • Duration 3:51
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

A more public today it's all about the gang of six or is it bait and switch the White House claims this is the way forward -- aims to slash the deficit.

By hiking taxes now and forming committees to cut most of the spending later and sound familiar.

And what should in 1982 President Reagan agreed to a deal including three dollars and spending cuts for every dollar in tax hikes.

The cuts never came.

The tax is certainly did.

Ron Paul was there the Texas congressman -- Republican presidential candidate is here now congressman Paul.

Are you concerned that we are doomed to -- I I suspect we will -- massively governments operate it and -- be a lot of promises.

Actually the only thing you can count is next year's budget we -- do one year budget at this time so all these out.

Promises -- years and it really doesn't mean anything and that's where all the cuts -- and later years.

-- what fed says it triggering is it just you know a way to get a deal done then why are we looking at -- 789 incentives are making all the cuts.

Why we focus on cutting next year.

Well it.

I guess there and they don't have the stomach for counting because.

Even know there's a lot of noise about cutting there's still a lot of noise out there about spending.

And you know Republicans are supposed to be the cutters but they never talk about.

Cutting anything from our military occupations around the world and in any if you tend to be liberal or moderate Republican -- Democrat you certainly don't want -- cut any entitlements.

So the process goes on so there's a pretense -- always take care the emergency.

Just like the CRTC.

-- they went up to the deadline they finally passed it.

They're doing the same thing with this -- increase and I've been predicting something will pass the -- -- will be increased.

But to run my big concern is that they we will liquidate the debt there will be fall through the inflationary process.

-- that's gonna take a little while I wanted to ask you about cut cap and balance -- you -- sought to cut happened balance pledge.

Yet last night on the floor you voted against the proposal why is that -- why was that but.

-- the -- -- have any details it was a single sheet of papers and they would have significant cuts and they would raise taxes and they would work for a balanced budget amendment.

With a balanced budget amendment hasn't been.

-- -- we didn't vote on that out.

And this and.

If they didn't say in the plays that you're -- -- -- for 2.4 trillion dollar increase in the national debt.

Limit so now it wasn't the same thing one was a pledge to work on it and -- -- general outline.

Yesterday was a bill that was precise.

And obviously the worst part was raising the national debt limit.

But it it didn't really approach anything there were no real cut significant cuts.

A hundred billion dollars on -- one point six trillion dollar deficit.

That doesn't mean very much.

What we're really make the substantial cuts that you that you speak of where how would we be able to do that since we're having such a hard time.

Even pushing yield one and actually dollars in cuts says artist McConnell plan.

Well it is going to be hard to do it anyone else we do but god tell you what you could -- changed the debt limit by just.

Wiping off the books of one point six pre code that bad that's not real -- -- that you could lower the debt limit that you've been there we should get together and start cutting.

I am heightened I think the cutting overseas is the best place to start -- Why not if it this work on a cash level why paid people in the department of education department of energy Department of Agriculture -- -- -- corporate welfare programs all bailout programs.

We just pay what you have to pay you could pay your Social Security recipients you -- pay the interest on the debt and and you could you could work ways out of it.

There's not the stomach for that they're not willing to do that.

Congressman -- is nice talking with you thank you sir.

Thank you.

Load More