Ron Paul: Not Long Before the Gov't is "Borrowing us Further Into Oblivion"

Dr. Ron Paul (R-TX) isn’t one to let his opinion go unheard… especially as Congress continues approving massive amounts of debt-financed spending.

From his recent Texas Straight Talk:

“Last week, the House approved another increase in the national debt ceiling. This means the government can borrow $1.9 trillion more to stay afloat and avoid default. It has been little more than a year since the last debt limit increase, and graphs showing the debt limit over time show a steep, almost vertical trend. 

“It is not likely to be very long before this new ceiling is met and the government is back on the brink between default and borrowing us further into oblivion.

“Congressional leaders and the administration acknowledge that the debt limit will need to be increased again next year. They are crossing their fingers that the forecasts are correct and they will not need another increase sooner, even before the 2010 midterm elections.”

You have to wonder if anyone else in Congress is considering the consequences of these actions. This excerpt came to our attention via The Daily Bail’s post on how more spending is always the answer. You can view the clip below:

The Daily Reckoning