More headlines: Rand Paul on Budget & Economy

(Following are older quotations. Click here for main quotations.)

We borrow $1M per minute; mandate a balanced budget

It is self-evident that the President and Congress are unable to do what every family in America must do--balance the budget. If Congress cannot, or will not, balance the budget, then we should amend the Constitution to make it mandatory. President Obama is on course to add more to our national debt than all previous presidents combined. We borrow a million dollars a minute. Our $18 trillion dollar debt has become an anchor. Some economists argue that the burden of debt costs us a million jobs a year.

I fear that this enormous burden of debt threatens our currency. I fear that another 2008-style panic is possible, and I fear that this degree of debt is an imminent threat to our national security.

You cannot project power from bankruptcy court. It does not make us appear stronger when we borrow money from China and send it to countries that burn our flag.

Source: Tea Party response to the 2015 State of the Union address Jan 20, 2015

We cannot continue to borrow $50,000 per second

Our government today is larger than it has ever been in the history of our country. Everything that America has been, and everything we ever wish to be, is now threatened by the notion that you can have something for nothing, that you can have your cake and eat it too, that you can spend a trillion dollars every year that you don't have.

The President seems to think we can keep adding to a $16 trillion debt. The President seems to think the country can continue to borrow $50,000 per second.

The President believes that we should just squeeze more money out of those who are working. He's got it exactly backwards. I'm here to tell you, what we need to do is leave more money in the pockets of those who earned it.

Source: Speech at 2013 Conservative Political Action Conf. Mar 14, 2013

FactCheck: US borrowing $30,000 per second, not $50,000

Paul exaggerated when he claimed the federal government borrows "$50,000 every second." The US is borrowing a lot of money--but not that much. The actual amount is about $30,000 a second. Paul said, "We're in danger, though, of forgetting what made us great. The president seems to think the country can continue to borrow $50,000 every second."

The nonpartisan Congressional Budget Office projects that the public debt will increase in the current fiscal year by an additional $949 billion. That comes to $30,093 per second. Now, that per-second figure was considerably higher earlier in the Obama administration. In 2011 the U.S. was borrowing $47,564.68 every second. We don't mean to minimize the scope of the nation's debt problem. But Paul is wrong to suggest the president will "continue to borrow $50,000 every second," when CBO projects the U.S. will borrow about 40 percent less than that this fiscal year.

Source: on 2013 State of the Union Address Feb 14, 2013

Borrowing $50,000 per second is not sustainable

The President seems to think the country can continue to borrow $50,000 per second. The President believes that we should just squeeze more money out of those who are working.

The path we are on is not sustainable, but few in Congress or in this Administration seem to recognize that their actions are endangering the prosperity of this great nation.

All that we are, all that we wish to be is now threatened by the notion that you can have something for nothing, that you can have your cake and eat it too, that you can spend a trillion dollars every year that you don't have.

Congress is debating the wrong things. Every debate in Washington is about how much to increase spending--a little or a lot. About how much to increase taxes--a little or a lot. Only in Washington could an increase of $7 trillion in spending over a decade be called a cut.

Source: Tea Party Response to 2013 State of the Union Address Feb 12, 2013

Keep the sequester, and increase it to $4T

It is time for a new bipartisan consensus. It is time Democrats admit that not every dollar spent on domestic programs is sacred. And it is time Republicans realize that military spending is not immune to waste and fraud.

Not only should the sequester stand, many pundits say the sequester really needs to be at least $4 trillion to avoid another downgrade of America's credit rating.

Both parties will have to agree to cut, or we will never fix our fiscal mess.

Bipartisanship is not what is missing in Washington. Common sense is. Trillion-dollar deficits hurt us all. Printing more money to feed the never-ending appetite for spending hurts us all. We pay higher prices every time we go to the supermarket or the gas pump. The value of the dollar shrinks with each new day.

Source: Tea Party Response to 2013 State of the Union Address Feb 12, 2013

We are borrowing $40,000 per second

Strong GOP support for the Cut, Cap, and Balance plan (which would cut current spending, cap future spending, and balance the federal budget) in the House signaled that more Republicans than ever were finally willing to get behind serious reform. Changing Washington's spending habits simply requires the will to do so. There are solutions on the table. I've proposed them. So have others.

At best, our current policies are merely slowing down our fast-approaching default. We are borrowing $40,000 per second. Entitlements and interest will consume the entire budget within a decade. When they say the appointed Super Committee that was part of the 2011 budget deal will cut $2 trillion, what they really mean is that it will cut $2 trillion from proposed increases in spending. So instead of adding $9 trillion to the debt over 10 years, we will merely add $7 trillion. Suffice it to say, this is not a cut. Only in Washington can the accumulation of so much new debt be seen as fiscal responsibility

Source: Now Or Never, by Sen. Jim DeMint, p. xv-xvi Jan 10, 2012

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