US President Barack Obama demanded from Congress immediate action to prevent America from falling of a so-called fiscal cliff, but Rep. Ron Paul (R-Texas) says it might be too late to keep the country afloat.
Speaking with Bloomberg Television on Thursday, the lawmaker who ran against Pres. Obama during the last two elections said he expects that America’s financial woes are beyond repair.
“We’re so far gone,” said the congressman, who will retire from the Hill this year after serving 12 terms in the House.“We’re over the cliff. We cannot get enough people in Congress in the next 5 to 10 years who will do the wise things. We have to prepare for having already fallen off the fiscal cliff.”
On the campaign trail leading up to the Nov. 6, 2012 election, Rep. Paul proposed an array of ideas he said would save the country from economic disaster, including returning to a gold standard and abolishing the Federal Reserve, America’s central bank. On his part, Pres. Obama vowed to keep the company in tact if elected to a second term, and Friday told reporters at the White House that he expects Congress to come to his side and do what’s right to prevent what Rep. Paul says is inevitable now.
“I’ve invited leaders from both parties to the White House next so we can start to build consensus around the challenges that we can only solve together,” said the president in reference to worries over America’s fiscal standing next year. “At a time when our economy is still recovering from the great recession, our top priority has to be jobs and growth.”
“We can’t just cut out way to prosperity,” said Obama. “If we’re serious about reducing the deficit, we have to combine spending cuts with revenue. That means asking the wealthiest Americans to pay a little more in taxes.”
“I’m not wedded to every detail of my plan,” he said. “I’m open to compromise; I’m open to new ideas.”
According to Rep. Paul, that’s just more pandering from the president.
“They’re just looking for the truth,” said the congressman. “They say, ‘Well, all we need is a little compromise.’ Well nobody expects that because they do not admit the truth, and the truth is that we are broke.”
“How do you compromise? The only way you can compromise is if you agree on what to cut.”
From the White House on Friday, the president said, “The American people voted for action, not politics as usual,” and insisted that “What the American people are looking for is cooperation,” consensus and common sense from the government. “Most of all they want action,” he added, insisting, “I intend on delivering for them during my second term.”
Rep. Paul tells Bloomberg it’s a “bad sign” that the public, not the president, is on the receiving end of however the White House tries to fix the country’s financial woes. “People do not want anything cut,” he said. “They want all the bailouts to come. They want the Fed to keep printing money. They do not believe we have gone off the cliff or are close to going off the cliff.”