Ron Paul: Raising Debt Limit Is ‘Capitulating’ to Obama

◼ Ron Paul: 'It's Going to End Very Badly'! - Newsmax

Mitch McConnell, leader of the Senate Republicans, has proposed giving President Barack Obama the power to unilaterally raise the debt ceiling because the consequences of failing to raise it are too great.

Asked if that constitutes capitulating or is a good idea, Paul responds: “We are capitulating. I think it’s terrible. It should be Congress’ responsibility” and Congress should not give “this authority to the president to raise the debt limit....

The solution to the debt crisis, he adds, “to cut spending, an across-the-board cut. Pretend it’s not much of a problem and keep raising the debt limit and keep spending and keep running up the debt, eventually it’s going to end very badly, and that is with a dollar crisis. I’m afraid we’re going to end up with that instead of coming to our senses and cutting back, because politically it’s so difficult.”

The federal government, he adds, is already “destroying the value of the dollar.”

Paul says President Obama’s warning that seniors on Social Security could suffer if the debt ceiling is not raised by August 2 is merely a “scare tactic. I think what Social Security has on hand can last quite a while. They’re not going to stop sending the checks out. The cash is there to take care of a good many months.”