Rand Paul Rightly Blames Debt Ceiling "Compromise" For Market Turmoil.
Paul partly blames debt deal for market turmoil
By ROGER ALFORD
HARTFORD, Ky. (AP) -- U.S. Sen. Rand Paul partly blamed the deal that raised the country's debt ceiling for turmoil in financial markets, telling constituents in his home state of Kentucky that investors need clarity from Washington.
"The way the stock market does better is that it needs better signals from us, and one of those signals would be to get our fiscal house in order," Paul said during a town hall meeting in the western Kentucky city of Hartford, which bills itself as the "home of 2,000 happy people and a few soreheads."
More than 100 people, some of them clearly sore about the declines on Wall Street, crowded into a room at City Hall to quiz Paul about the debt ceiling deal, which he opposed. Paul said the deal does nothing to balance the federal budget. Instead, the tea party favorite said it adds at least $7 trillion to the nation's debt over the next decade.
"What America needs is a solution, not a deal," Paul said. "That sounds sort of clever, but it's true. We need a real solution to tell the world, to tell investors that we're going to do something."
He said most of the problems in the U.S. financial markets were caused by economic uncertainty in Europe.
Paul received robust applause when he called again for the resignation of Treasury Secretary Timothy Geithner, complaining that the national debt has risen sharply and the economy has struggled under his leadership.
Bob Clements, pastor of Hartford United Methodist Church, said people in the community are frustrated by the political gridlock in Washington.
"I think what people are looking for is for the politicians to get something done, and to get something done soon," Clements said.
Paul told constituents that he is always open to discussions with Democratic leaders who hold sharply different views on how to resolve the debt crisis.
"I will tell you that I do listen to both sides," he said. "I offered to vote for several of the Democrat plans if they would have just attached a balanced budget (provision), that would have balanced gradually over seven or eight years. People say I'm unwilling to compromise. That's just untrue."
Senate Republican Leader Mitch McConnell and Paul have been hosting town hall meetings across the state, and appeared jointly for two such get-togethers in Owensboro Tuesday morning.
McConnell, who helped to broker the debt ceiling compromise approved just over a week ago, has been telling constituents that the deal could lead to "significant entitlement reform" to help rein in federal spending and to make changes that will be necessary to preserve Medicare and Social Security.
"We have to adjust the trajectory of these very significant entitlement programs, or they're not going to be there at all," McConnell said during a question-and-answer session in Winchester on Monday that ended with a standing ovation.
"Anyone who tells you we don't need to do anything with entitlements is not telling you the truth," McConnell said. "They are clearly on an unsustainable path."
Paul echoed those sentiments at the town hall in Hartford, where one resident, 87-year-old Gurley Martin, yelled across of crowd of more than 100 people that Paul should be president.
"I couldn't have done anything better myself," said Martin, a tough talking military veteran who ran against Paul in the Republican primary last year. "For a while, I thought he was going to be a wimp, but he has proven himself to be a man."
Owensboro businessman Steve Wiggins asked Paul what people can do to help him in Washington.
"Send reinforcements," Paul responded without hesitation.
"Ultimately, you are going to need a new leader for this country," he added later.
Paul is an eye surgeon who ran a private practice in Bowling Green before being elected to the Senate. He told reporters that people are deeply troubled about the economy and want their national leaders to offer meaningful solutions. He said one of the most obvious solutions is to limit federal regulations that are smothering businesses and preventing them from expanding their work forces.
Both Paul and McConnell have been ardent critics of federal health care changes that they say will further drive up the nation's debt and add financial burdens to businesses at a time when they need to be adding jobs. Both want the health care law repealed.
At the Hartford town hall, Jefferson County resident Krystal Cox questioned why Paul wanted the repeal, saying that she, as a cancer survivor, is unable to get health coverage now but would be able to under the new system.
"I don't think `Obama Care' should be repealed," she said, using the term critics have applied to the health care law.
Paul referred to the law as a new entitlement program that drives up spending. He said he would prefer to add Medicare recipients to the same health plan provided to members of Congress.
By ROGER ALFORD
HARTFORD, Ky. (AP) -- U.S. Sen. Rand Paul partly blamed the deal that raised the country's debt ceiling for turmoil in financial markets, telling constituents in his home state of Kentucky that investors need clarity from Washington.
"The way the stock market does better is that it needs better signals from us, and one of those signals would be to get our fiscal house in order," Paul said during a town hall meeting in the western Kentucky city of Hartford, which bills itself as the "home of 2,000 happy people and a few soreheads."
More than 100 people, some of them clearly sore about the declines on Wall Street, crowded into a room at City Hall to quiz Paul about the debt ceiling deal, which he opposed. Paul said the deal does nothing to balance the federal budget. Instead, the tea party favorite said it adds at least $7 trillion to the nation's debt over the next decade.
"What America needs is a solution, not a deal," Paul said. "That sounds sort of clever, but it's true. We need a real solution to tell the world, to tell investors that we're going to do something."
He said most of the problems in the U.S. financial markets were caused by economic uncertainty in Europe.
Paul received robust applause when he called again for the resignation of Treasury Secretary Timothy Geithner, complaining that the national debt has risen sharply and the economy has struggled under his leadership.
Bob Clements, pastor of Hartford United Methodist Church, said people in the community are frustrated by the political gridlock in Washington.
"I think what people are looking for is for the politicians to get something done, and to get something done soon," Clements said.
Paul told constituents that he is always open to discussions with Democratic leaders who hold sharply different views on how to resolve the debt crisis.
"I will tell you that I do listen to both sides," he said. "I offered to vote for several of the Democrat plans if they would have just attached a balanced budget (provision), that would have balanced gradually over seven or eight years. People say I'm unwilling to compromise. That's just untrue."
Senate Republican Leader Mitch McConnell and Paul have been hosting town hall meetings across the state, and appeared jointly for two such get-togethers in Owensboro Tuesday morning.
McConnell, who helped to broker the debt ceiling compromise approved just over a week ago, has been telling constituents that the deal could lead to "significant entitlement reform" to help rein in federal spending and to make changes that will be necessary to preserve Medicare and Social Security.
"We have to adjust the trajectory of these very significant entitlement programs, or they're not going to be there at all," McConnell said during a question-and-answer session in Winchester on Monday that ended with a standing ovation.
"Anyone who tells you we don't need to do anything with entitlements is not telling you the truth," McConnell said. "They are clearly on an unsustainable path."
Paul echoed those sentiments at the town hall in Hartford, where one resident, 87-year-old Gurley Martin, yelled across of crowd of more than 100 people that Paul should be president.
"I couldn't have done anything better myself," said Martin, a tough talking military veteran who ran against Paul in the Republican primary last year. "For a while, I thought he was going to be a wimp, but he has proven himself to be a man."
Owensboro businessman Steve Wiggins asked Paul what people can do to help him in Washington.
"Send reinforcements," Paul responded without hesitation.
"Ultimately, you are going to need a new leader for this country," he added later.
Paul is an eye surgeon who ran a private practice in Bowling Green before being elected to the Senate. He told reporters that people are deeply troubled about the economy and want their national leaders to offer meaningful solutions. He said one of the most obvious solutions is to limit federal regulations that are smothering businesses and preventing them from expanding their work forces.
Both Paul and McConnell have been ardent critics of federal health care changes that they say will further drive up the nation's debt and add financial burdens to businesses at a time when they need to be adding jobs. Both want the health care law repealed.
At the Hartford town hall, Jefferson County resident Krystal Cox questioned why Paul wanted the repeal, saying that she, as a cancer survivor, is unable to get health coverage now but would be able to under the new system.
"I don't think `Obama Care' should be repealed," she said, using the term critics have applied to the health care law.
Paul referred to the law as a new entitlement program that drives up spending. He said he would prefer to add Medicare recipients to the same health plan provided to members of Congress.
Labels: Political economics
posted by KYJurisDoctor at 8:15 AM
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