For some on Capitol Hill, the debt accumulated by the federal government is a back-burner issue, especially as COVID-19 wreaks havoc on the American economy, and members of Congress seek ways for government intervention. However, it is not for Sen. Rand Paul (R-KY), who during an appearance on Fox News Channel’s “Your World” on Wednesday warned of the dangers of out-of-control spending and borrowing.
He offered a few historical comparisons to illustrate the unprecedented nature of Congress’ actions and proposed actions.
“It’s funny that people say, ‘Well, Washington, Republicans and Democrats never compromise and can’t get along,'” he said. “That’s actually the opposite of the truth. Republicans and Democrats compromise every day of the year to spend money we don’t have. So, we were already running a trillion dollars short just with our normal budgetary expenses for the year. We added $3 trillion. Now they’re talking about another $1 trillion to $2 trillion. We’re going to borrow $5 trillion in five months.”
“I remember when conservatives complained about George W. Bush borrowing $5 trillion in eight years,” Paul continued. “We’re going to borrow $5 trillion in five months? Look at gold. Gold’s over $2,000 an ounce. People are worried. The politicians are out here saying, oh, no, we just have to buy more voters by flooding the economy with money. Well, guess what? What if conservatives or libertarians that vote Republican decide, the hell with it, you’re acting like Democrats, we’re either staying home or voting for a third party? You know what? They might just lose this election because they’re acting like Democrats now.”
“And so I’m very upset with my colleagues,” he added. “They went eight years. They should apologize now to President Obama for complaining that he was spending and borrowing too much. He was a piker compared to their borrowing that they’re doing now. So, yes, these Republicans, they should have to apologize, and they should, by law, be forbidden from ever saying that they’re fiscally conservative. That’s just tongue in cheek.”
Follow Jeff Poor on Twitter @jeff_poor