Today's Situation Room:

Wolf Blitzer delivers the most important breaking news and political, international, and national security stories of the day. Tune to The Situation Room weekdays 5-7pm ET on CNN.

Wolf Blitzer delivers the most important breaking news and political, international, and national security stories of the day. Tune to The Situation Room weekdays 5-7pm ET on CNN.

June 29th, 2011
08:16 PM ET

Sen. Paul: No vacation for Congress until debt crisis is solved

(CNN) – Sen. Rand Paul wants the debt crisis solved quickly, even if it requires canceling his vacation until a deal is reached on the debt ceiling.

The Kentucky Republican is among lawmakers joining President Barack Obama’s calls for Congress to stay in session over the upcoming vacation week and confront America’s debt crisis.

"I've been disappointed. I've been here six months. Not one minute has been on the floor or in committee discussing the debt ceiling," Paul told CNN's Wolf Blitzer in an interview Wednesday. "We haven't passed a budget. We haven't passed an appropriations bill. I really think the American people deserve better."

Obama called on lawmakers Wednesday to overcome the "selfish" norms of politics and "do their job" in order to strike a deal on raising the federal government's current $14.3 trillion debt ceiling by the start of August. GOP leaders have shown no signs of yielding in their opposition to higher taxes as part of any grand bargain with the White House.

"I want everybody to understand that this is a jobs issue.  This is not an abstraction," Obama said.  "If the United States government, for the first time, cannot pay its bills - if it defaults - then the consequences for the U.S. economy will be significant and unpredictable.  And that is not a good thing."

Top economic analysts have warned of potentially catastrophic repercussions if the ceiling is not raised by August 2, including skyrocketing interest rates and a plummeting U.S. dollar.

Paul said he will be proposing a raise in the debt ceiling contingent on three factors: The passing of a balanced budget amendment, the passing of significant cuts and statutory caps.

"I understand we may have to borrow some money, but we can't borrow money without reforming what’s going on up here," Paul said. "We want to fix the process, allow it to go up some and then start going toward the balanced budget."

Post by:
Filed under: Deficit • Sen. Rand Paul
soundoff (9 Responses)
  1. Joel Fisher

    Just like they did after F.D.R., we need to change term limits to a maximum of two terms for both the House, and Senate. We may begin to see these Congressmen, and Senators, that "We the People" elected, finally get down to business and quit all the half truths, and posturing for their own benefit. All their, actions, conduct, and voting currently, is solely motivated on being re-elected. There just would not be enough time to play "Prima Donna" with a maximum of two terms.

    July 1, 2011 at 3:47 pm |
  2. Bill

    DEBT CRYSIS

    Another Fourth of July and our “Grand Old Flag” is in serious debt trouble!

    The stock market recently underwent a “Flash Panic” and no one seems to know why.

    The national debt is rapidly climbing and Washington says it will take 10 years to even make a dent.

    Our economy is at a point where none of our representatives in Washington can solve this problem even if they agree.

    Any expense control efforts they make will result in people losing their jobs.

    They will not raise taxes. It may cost jobs and could hamper their reelections. In addition, violence has followed most of the belt-tightening efforts that have recently been tried by other governments in the world.

    If this continues as is the economy may correct itself; however, that could mean years of dealing with another “Great Depression”.

    “We the people”, we are the people who live under that “Grand Old Flag”. We are the people who banded together in 1776 for our own mutual protection and benefit. We are the people who continue to faithfully pay our taxes to keep this union together. We do this so that we may live in peace and prosperity.

    We live in peace knowing our military is there to protect us and we should willingly agree to back them up when danger prevails.

    We live in prosperity as employers and employees of the businesses of this great union. We know that the prosperity of our businesses depends on our working together for our own mutual benefit.

    We have been prosperous but prosperity comes with a cost that can not be controlled with open ended debt.

    We must act through our representatives to keep our economy safe. When they cannot do so, we must do it as individuals. No matter what their circumstances were in 1776 they volunteered as individuals to fight for this union. We must do the same for our finical future.

    The only solution to this economic crisis is for us to bail ourselves out of this debt.
    We must call our representatives and agree to temporary higher taxes to solve this crisis. If we want better roads, better schools, protection and other things that we mutually enjoy, we must pay for them mutually.

    June 30, 2011 at 5:26 pm |
  3. Bill from GA

    Sen. Rand Paul should understand that the debt ceiling is about money already spent or committed to be spent. It is his duty as a lawmaker to insure that our country's debts are paid.

    Budget making is the time to cut spending.

    June 30, 2011 at 12:12 pm |
  4. Claudia, Houston, Tx

    Rand Paul and the Congress had the floor but it wasn't discussions about jiobs, debt ceiling, a budget or anything else, they were more concerned about getting signatures for their "pledge". They are liars.

    June 30, 2011 at 10:43 am |
  5. Realist

    Ron Paul is awesome, but Rand is scary.

    June 30, 2011 at 10:25 am |
  6. Mac

    Before starting any vacation. Congress should overturn Social Security and Medicare.
    This would save this country trillions of dollars.

    June 30, 2011 at 9:47 am |
  7. Phillip Rhodes Jr

    After listening to the economics part of the Presidents' speech today, I thought to myself "Hummm.... taxing oil companies, millionaires, and CEOs on corporate jets, ect.. NICE!!!" but why stop there? Why not raise taxes on companies that have taken their factories outside of our borders? Give tax breaks to those companies that have stayed with us inside the U.S. they deserve the breaks. giving us Americans jobs and trying to help out with this recession.
    Yes, those companies outside our borders will raise their prices, and maybe the companies inside our borders will lower their prices because of their tax breaks. who knows but I think I would buy cheaper American made products.
    let's say for instance I owned the Hoover Vacuum company that use to be in North Canton, Ohio. and I moved it to Mexico where operating costs are lower than in the U.S. Now I can make a cheaper vacuum, charge the same price, and put more money in my pocket. then in 2012 the U.S. government raised the taxes on each vacuum I brought into the U.S. to sell. I would have to raise my price per vacuum to compensate for the tax hike, and then I would start losing sales because of the higher taxes. because the American people want a cheaper vacuum which I can't give. I would start losing money, and the only way to improve sales would be to move back to the U.S. reopen my factories, create more jobs for the American people, and then I would be able to receive the tax breaks which would start making me money again.
    I believe this would be a good incentive to get those companies that moved outside our borders to move back and bring the jobs back to the American people, and get us out of this recession.

    June 30, 2011 at 12:44 am |
  8. clwyd

    It will be a long time if the repiblican'ts keep walking out and refusing to compromise and then demanding their party candidates sign a pledge! This party keeps getting crazier and crazier! Republicans are all animals anyways!

    June 29, 2011 at 9:17 pm |
  9. IBAMALIAR

    They only work 3 days in every two weeks and he talks cutting their vacation. This is a ridiculous situation we Americans have allowed to take our taxpayers money and try to run our goverment. GET THIS BUDGET FIXED AND DO IT NOW. Concessions have to be made effecting the american people not you darn Democrats and Repuiblicans. if you can't do it then get out os Washington and quit being a burden on the deficit.

    June 29, 2011 at 9:13 pm |

Post a comment

You must be logged in to post a comment.