Rand Paul Goes Off On Republican Party Over New Budget Resolution

Tyler Durden's picture

Submitted by Joseph Jankowski via PlanetFreeWill.com,

On Wednesday afternoon, one day after reintroducing his Federal Reserve Transparency Act, Senator Rand Paul (R-KY) took to the Senate floor to slam his fellow Republicans for the $9.7 trillion of debt that a newly introduced budget resolution will tack on to the country's already out of control debt total.

Senate Budget Committee Chair Michael Enzi (R-WY) introduced a budget resolution on Tuesday that is being touted as the first step the newly sworn in congress is taking to repealing Obamacare. The legislation includes “reconciliation instructions” that would allow congress to dismantle the health care law as part of reconciling taxes and spending with the budget blueprint.

According to Paul, “there is a time and a place to debate Obamacare” but this new piece of legislation is a budget and he is unwilling to support the debt it will accumulate.

“Republicans won the White House. Republicans control the Senate. Republicans control the House. And what will the first order of business be for the new Republican majority?” Paul asked.

 

“To pass a budget that never balances,” the Kentucky Senator answered his own question. “To pass a budget that will add $9.7 trillion dollars of new debt in tens years.”

“Is that really what we campaigned on?” Paul asked on. “Is that really what the Republican party represents?”

After stating that he is with his fellow Republicans for the repeal of Obamacare, Senator Paul went on to ask “why should we vote on a budget that doesn’t represent our conservative view?”

“I’m not for it,” Paul said of the potential new debt. “That’s not why I ran for office. That’s not why I’m here. That’s not why I spend time away from my family and from my medical practice. It’s because debt is consuming our country.”

 

“There is a time and place to debate Obamacare, and I’m more than willing to debate that but this is a budget,” Paul exclaimed.

The Senator from Kentucky said he will put forth an opposition to the Republican majority’s resolution with his own budget that will freeze spending and create balance over a 5 year period.

“I will continue to bring up to the American people that it is important not to add more debt,” Paul said.

 

“At the appropriate time, I will introduce an amendment that will strike and replace this budget and in it’s place I will put forward a conservative vision for the country,” the Senator said. “A vision of a balanced budget that balances within 5 years.”

Senator Paul has not only made headlines for his opposition to Obamacare as of late, he has also been stirring things up with his recent reintroduction of his Federal Reserve Transparency Act, widely known as the ‘Audit the Fed’ bill.

 

“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” Paul said on Wednesday, “yet Fed Chair Yellen refuses to be fully accountable to the people’s representatives.” 

“The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress.”

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Rebel yell's picture

Getting rid of the 17 security agencies that are spying on Americans would probably take care of a large percentage of it!!!

Rebel yell's picture

It's also funding the congress of thieves.

Déjà view's picture

Problem With '$pending'...Is That You Run Out Of Other Peoples Money...

hedgeless_horseman's picture

Budget?

Budget?

We don't need no stinkin' budget!

We can print as many dollars as we need.

Croesus's picture

It's always easy to spend other peoples' money...politicians are expert at it.

I'd like to see the elimination of the special perks that Congress and the Senate get...starting with the inside-trading rule.

hedgeless_horseman's picture

Starting with unlimited campaign contributions, aka bribery.

Rebel yell's picture

Exactly! Money talks but it isn't speech, its bribery!

boattrash's picture

Money talks, but it ain't talkin to me...

slicktroutman's picture

Or start with their healthcare and pensions......and hold them to the same applied law.

beemasters's picture

"We can print as many dollars as we need."

Gotta nationalize the printing machine first. :) I'm not even sure if Trump realizes the nation doesn't own the Fed.

Tall Tom's picture

 

 

 

 

As long as we can export those US Dollars then we can print Trillions more...Domestic Price Inflation remains stable. That is the benefit of having the World Reserve Currency.

 

Of course we create Foreign Bubble Markets and wreak havoc on their economies. And when we want to trash them we stop exporting the US Dollars to them and create our next slave vassal state to be exploited.

 

The next victim is either Vietnam or Myanmar (Burma)....maybe even both. We need new pigeons to keep the Ponzi Game afloat. The US Government is rather pissed at China for their actions in the South China Sea at the moment.

 

We did this to Japan back in the 1980s. We collapsed Japan in the beginning of the 1990s as they were becoming too powerful. Then we developed China. China became too powerful. Why is their economy in tatters? No dollars? No liquidity? Who could have known?

 

And Trump, despite his rhetoric about bringing back American jobs, will be forced to play ball.

 

Otherwise we collapse. And the Shadow Government (Exchange Stabilization Fund) is not going to sit back and allow that to happen. It is political suicide.

 

As long as there are "Emerging Nations" who create the DEMAND for the Dollars, this fraudulent game can continue on for quite awhile. I have no hope for anything substantial to change in my lifetime.

 

And the beat goes on...

 

 

SMG's picture

We cannot pay off the debt, period.   So let's run up the credit card, build some really good infrastructure, go through the national bankruptcy that cannot be avoided, start over.  Go back to an asset backed currency pass a balenced budget amendment and chug along to the future.

decifal's picture

You apparently have no idea what our government collects in taxes every month..  Do some research before posting liberal crazy crap like this.  The debt can be paid, but the ones way above us all want us to be in more debt aka more in their control..  

 

Wake up

Tall Tom's picture

 

 

 

FIRST...He is reciting Bix Weir's hopes and the Road to Roota. And that Gold, Silver, and Bitcoin Bug ain't that liberal. He may be unrealistically hopeful. I happen to like Bix Weir. He is sincere in his craziness.

 

NEXT...Do some research yourself and listen to some of the commenters....Jim Rickards, Peter Schiff, Doug Casey, Max Keiser, Paul Craig Roberts, Jim Willliams, Rob Kirby, Jim Sinclair, Bill Holter, Mike Maloney...just to name a few. Then when you read what others write you can tell who they are listening to.

 

FURTHERMORE...And as for the Debt? IT CAN NEVER BE PAID. Most of the Principal has been EXPORTED. It sits in Foreign Central Bank Vaults as RESERVES. The US Dollar is the World RESERVE Currency after all. That NAME has a MEANING...And the Interest? That currency was NOT EVER CREATED.

 

You may want to read this quite from Marriner Eccles..you know...the one that the ECCLES BUILDING which houses the Federal Reserve in WashingTOON DC was named after...NAMES HAVE MEANING AFTER ALL...this former Governor of the Federal Reserve testifying to Congress back in 1941...He has a clue about the subject matter to which he is testifying.

 

http://www.mindcontagion.org/banking/hb1941.html   (I'd have used the Mises.org link but this one is handy enough.)

"Eccles: We created it.
Patman: Out of what?
Eccles: Out of the right to issue credit money.
Patman: And there is nothing behind it, is there, except our government's credit?
Eccles: That is what our money system is. If there were no debts in our money system, there wouldn't be any money."

 

Eccles went on to testify that there would NOT EVER be a return to Monetary Normalization...not in his lifetime or his children's lifetime. That was spoken...IN 1941 !!! (We are the Children, Grandchildren, and Great Grandchldren of that generation. He was NOT LYING.)

 

FINALLY...You are one clueless FUCK. If the debt were to be repaid, which would demand a total repatriation of all reserves held in Foreign Banks (which is not happening) then there would be NO ECONOMY...PERIOD. There'd be NO CASH. There'd be NO CURRENCY.

 

The debt cannot be repaid in this economy...this current paradigm.

 

The End Game is DEFAULT...either by Hyperinflation and the concurrent destruction of the US Dollar; or; by Repudiation and the destruction of the credit of the United States.  

 

Both outcomes are ABYSMAL!!!

 

Why don't you WAKE THE FUCK UP, decifal??? GET A CLUE decfal!!! Do some fucking research before posting crazy liberal crap like this!!!

 

You are at Zerohedge. Ths s NOT Yahoo Fnance..

 

(I cannot believe that three LOSERS agreed with your lame ass. The quality of commentary here is going into the toilet.)

 

 

elstrom's picture

Eccles is right on the money. Money is debt. But if debt burden steadily increase there sooner or later have to be some sort of jubilee.
But the dollar only exists in the American banking system. When US pay e.g. some Chinese, their account in some US bank is credited, then they exchange the cash for US T-bonds to get a meager interest.
This asset in the American banking system is then noted in local CB account.
The order is, first a US current account deficit, then e.g. the Chinese exchange these USD for t-bonds. It’s not the other way around.

Tall Tom's picture

The Yuan is also backed by US Dollars that were acquired in order to purchase OIL.

 

(Now I understand that recently that the Yuan can be used to buy Oil. But before, when it could not, China had no other choice but to stash US Dollars away in the vaults of their Central Bank.)

 

Those excess US Dollars are held as reserves. Then the Chinese Central Bank can create Yuan, or destroy Yuan, in order to value their domestic currency against the USD.

 

I am aware of the reinvestment of some US Dollars back into US T-Bonds. That is slowing and will stop as Trump attempts to enact his ill advised tariffs in this Trade War.

inosent's picture

Well, sadly, there is no way out, except to just repudiate the 'debt', stick it to the zio-azhlz, and go back to gold and silver coin. Since that will never happen, the national debt will just totally skyrocket. It has to.

SgtShaftoe's picture

About fucking time Rand starts carrying the banner of his father like he's got a pair. 

NoDebt's picture

When his father was carrying this message it was already too late.  Now we're 8 exits past too late.

 

Squid Viscous's picture

exactly and he's not half the man his dad is...

that's why they let him into the US Senate

greenskeeper carl's picture

No he isn't. Half is probably being generous. But, as critical as Ive been of Rand's half-assed libertarian stances, he is correct. But NoDebt is correct. I didn't notice Ron until the 2008 election, barely even heard his name before that, but even back then, 10 trillion in debt ago, it was already too late.

Joyo Bliss's picture

Rand is an out of focus optician.

Kidbuck's picture

Ron's been around. I voted for him over Reagan in 1980. However, no one can sell a balanced budget or abolishing the Fed to fucking thieves and financial idiots. That is what the majority has been and will continue to be.

Joyo Bliss's picture

Yep. Rand is a snake alright. I got slammed here for saying "the apple fell far from the tree" with that Lugan.

Rand has a 5 year plan? Puhleese. Pushing it past the first 4 year term are you, Rand? That's not a plan - more like procrastination and preaching to the low hanging fruit. Balance it right away, if you're of the mind to balance the books, Rand.

And it always balances - every year!

They just print the remainder they need - every year.

I think I heard it like a 33% shortfall or something like that - every year.

slicktroutman's picture

I think it's too late now. We are past event horizon.....if you know what I mean....sad but true . Everyone pointing fingers at each other, the crooks continue to fleece the middle class, the neocons trying for a last ditch war , all while we are slowly circling the drain.

NoDebt's picture

"The Senator from Kentucky said he will put forth an opposition to the Republican majority’s resolution with his own budget that will freeze spending and create balance over a 5 year period."

Everyone on the Senate floor and half the staff at the CBO just fainted.

Surely, at this late date, nobody can still be concerned about the federal debt.  I thought we had all agreed to push that lever up into the "run until failure" position many years ago.  Trying to yank it back down now will serve only to strip all the gears out of the transmission that much sooner.

 

 

SidSays's picture

"Trying to yank it back down now will serve only to strip all the gears"...

Hence, failure.

fockewulf190's picture

The only way $30 trillion is going to fly is if interest rates are frozen until the Vulcans show up and teach us about how to use Dark Energy and warp drives.  

Tall Tom's picture

 

 

 

By the time that President Trump leaves Office in Eight Years, the National Debt will be pushing $40 Trillion or more...That is if he survives and is not assasinated in his first 100 days.

 

If he survives that means that that he is bowing down to his overlords.

 

Sorry to inform you but...Nothing substantial is going to change.

 

It is sad.

 

They shot the last reformer, Ronald Reagan. It took a bullet in his chest but he learned to play ball.

 

They will do it to Trump too if he does not play ball.

 

It is the damned reality.

1980XLS's picture

Debt is bullish.

It got the Brown Clown two terms, and a 60% approval rating upon his exit.

Stop the fearmongering already.

 

 

   (sarcasm)

joeyman9's picture

Debt on Jan 2017 Obama Exit = 20 billion

Debt on Jan 1989 Reagan Exit = 2.7 billion

ftp://ftp.publicdebt.treas.gov/opd/opdm011989.pdf

WTFUD's picture

20 Billion, i lost that much in the casino last night; ok i'm living in Venezuela but the view from the beach on top of a hooker is ruddy marvelous.

Able Ape's picture

Looking at the Southern Cross with a hooker on top of you is NOT bad either...

Bill of Rights's picture

Billions ? You skipped a few zeros.

SidSays's picture

Debt on Jan 2017 Obama Exit = 20  TRILLION not billion!!

greenskeeper carl's picture

Debt under obama- doubled. Debt under reagan- TRIPLED.

 

And no, Im not defending obama. But reagan was terrible too. The republicans of the past couple generations really shouldn't throw rocks on this one.

joeyman9's picture

Solution: jubilee and repudiation of "odious debt."

youarelost's picture

IN 4 years it will be $30 trillion in debt

SidSays's picture

In 4 years it will be 40 trillion.

It has gone parabolic.

Cabreado's picture

It's good to see that Rand (and his father) are the real deal in the sea of filth that includes, er starts with, a thoroughly corrupt and defunct Congress, and it's important to see and acknowledge that lone wolves stand no chance against the filthy machine... that's why the founders designed it to be about the People... and the People are failing.

SidSays's picture

What is this?

Student counsel!?!?!

Close the fucking fed already.

Audit afterwards and prosecute after that; including every living congressman and senator since 1913.

Who's got the power here?

The People, that's who.

WROL

Tick...Toc...

PeaceLover's picture

Look at Mexico. Greece

Democracy also they promised not to do what they did raise taxes
Governments leader are not qualified to run budgets
They are like a hooker with your credit card when it's try they get another one "raise taxes,fees"

 

Fake news not the problem.. elite.. greed and banks. "money for nothing"

SidSays's picture

Government leaders are not LIKE hookers....

They ARE hookers.

Most like street walkers.

And stop calling them "elite"...

It only re-enforces their psychopathy.

ArtOfLife's picture

Why the USA can't balance their budget? Because they love war. Congress rather spends $600B on bombing 7 countries simultaneously, than to give their people decent, affordable healthcare. I truly hope Congress can get their priorities straight now that Trump is  gonna take over. Greetings from socialist Europe, where I pay €100 per month for my health insurance and the rest is being taken out of my taxes.

CHoward's picture

Sad but Rand Paul is the only member of the Senate that I can name that I truly believe is an honest and trustworthy individual.  The ONLY one!

joego1's picture

America missed the boat not electing his dad. I would vote for Rand.