Paul was one of 66 Republicans who voted against the plan Monday, which would raise the debt ceiling by up to $2.4 trillion and cut spending by $917 billion.
During a stop at the Sheraton Hotel in downtown Iowa City, Paul said he would never vote to raise the nation’s debt ceiling and that the most recent debate was just a hint of the debt crisis the country faces.
“We went from the greatest creditor nation with the (most free) market to the greatest debtor nation in the whole world,” Paul told a crowd of more than 75 people. “And people are still demanding more, more, more.”
He drew applause from the crowd when he called for an audit of the federal treasury. Paul said that although it appears that Congress and the president have reached an agreement on the debt ceiling, the nation is still on the path to default and is destroying its currency as well as its middle class.
“Where are we today?” he asked the crowd. “The middle class is shrinking. I happen to believe the downtrodden can be helped by free markets and a sound economy.”
He said that to return to such an economy, changes need to be made to the monetary system.
“Monetary policy will change out of necessity. Paper money doesn’t work,” Paul said. “There will be a day that we will have to return to a commodity standard of money.”
Paul, who is serving his 12th term in Congress and ran for president in 2008, said he’s optimistic he will fare better in this year’s Iowa caucuses than he did four years ago, when he placed fifth.
With less than two weeks until the Iowa Straw Poll in Ames, Paul told supporters that voting for him in the Aug. 13 event would be one step toward solving the nation’s problems.
“It seems like a small thing, but I tell you what, it will have an impact,” Paul said.
Paul acknowledged that although the straw poll has no formal bearing on the GOP presidential primary, it serves as a strong indicator for who has momentum and can perform well moving forward.
“It’s a good bellwether for what people are thinking,” he said. “It represents what people are motivated.”
— By EMILY SCHETTLER, Iowa City Press-Citizen
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