Debt Ceiling Compromise Will Destroy Economy
Written By: Ron Paul | Posted: Wednesday, August 3rd, 2011
"While it is good to see serious debate about our debt crisis, I cannot support the reported deal on raising the nation's debt ceiling. I have never voted to raise the debt ceiling, and I never will.
This deal will reportedly cut spending by only slightly over $900 billion over 10 years. But we will have a $1.6 trillion deficit after this year alone, meaning those meager cuts will do nothing to solve our unsustainable spending problem. In fact, this bill will never balance the budget. Instead, it will add untold trillions of dollars to our deficit. This also assumes the cuts are real cuts and not the same old Washington smoke and mirrors game of spending less than originally projected so you can claim the difference as a 'cut.'
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