Policy: Budgets & Deficits

Rand Paul says US has 'plenty of money' to pay bills without debt limit hike

Politics,Beltway Confidential,Charlie Spiering,Fox News,Debt Ceiling,Rand Paul,Budgets and Deficits,Government Shutdown

Sen. Rand Paul, R-Ky., said on Fox News Wednesday that President Obama's fear-mongering on the national debt is making it harder to solve the nation's problems.

The federal government receives approximately $250 billion in tax revenue collected from the American people every month, more than enough money to pay the $20 billion-a-month interest payment currently due on the national debt.

"We have plenty of money to keep paying our interest," Paul said, "The president should cut it out — they should quit trying to scare the markets and scare investors."

Paul challenged Obama to lead by promising not to default on the America's loan payments.

"He should come forward if he's a leader and say we will not default, we have never defaulted and America is a proud country — we will not default," he said.

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