Ron Paul: “The reason we don’t cut spending is, one side loves entitlements and one side loves war,”

Rep. Ron Paul (R-Texas) on Tuesday predicted that the U.S. would default on its debt.

“When a country is indebted to the degree that we’re indebted, the country always defaults,” the 2012 GOP presidential candidate said on the House floor.

  

“We will default because the debt is unsustainable.”

Paul predicted that the U.S. government would dodge the best solution, which is to impose real spending cuts.

“The reason we don’t cut spending is, one side loves entitlements and one side loves war,” he said.

But he warned against the temptation of simply continuing to send out government checks backed with more borrowed money. He said choosing this course would mean default would come in the form of significant inflation and a further erosion of the dollar. Full Story

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