Source: Press TV
Republican presidential candidate Ron Paul says the U.S. is "out of money" and the country is "bankrupt". The Texas Congressman made the comment in an interview with Fox News Chris Wallace on Friday.
Paul was talking about the lack of efficiency at the Federal Emergency Management Agency (FEMA).
"We've conditioned our people that FEMA will take care of us and everything will be OK. But you try to make these programs work the best you can. But you can't just keep saying, Oh, they need money. We're out of money. This country is bankrupt," he said.
The congressman urged President Barack Obama to “quit that war in Libya that is undeclared and unconstitutional.”
“Bring those troops home, save two billion dollars. Put a billion against the deficit and tide our people over.”
The U.S. Treasury is borrowing $4.22 billion per day, adding to the current debt. Real Clear Politics
A U.S. Treasury Department report to Congress forecasts that the U.S. debt will rise to $19.6 trillion by 2015. Reuters
Together with interest on the national debt, Social Security, Medicare and Medicaid are on course to consume the entire federal budget as soon as 2025. Orlando Sentinel
The U.S. debt deal would raise the debt ceiling by at least 2.1 trillion dollars and cut spending of roughly 2.4 trillion dollars over the next 10 years. CNN