2012 Presidential candidate Ron Paul released the following statement regarding the latest Congressional Budget Office report on the nation's debt issues. See comments below.
"For the fourth year in a row, our federal budget deficit will exceed $1 trillion according to a new report by the Congressional Budget Office. In the report, the CBO tells us that the federal budget "remains out of balance throughout the decade' and that the accumulation of debt, and the inevitable rise in interest rates will continue to increase the cost of financing that debt, digging us deeper into this hole.
"This news is the latest in an ongoing problem that I have tried to bring attention to my entire career. And now it seems more people are listening, but the Washington insiders who are supposed to be stewards of the budget are, if anything, only paying lip-service to the idea of getting this very real crisis under control.
"The debt should be priority number one, for everybody. It is for me.
"It should be a scandal that I am the only presidential candidate who is offering real solutions to our fiscal mess. My "Plan to Restore America' cuts $1 trillion dollars in spending immediately and gets our economy on the way to much needed reform. But my proposal is rarely reported on by the elite media, and rarely even mentioned by my opponents or those who claim to be concerned about the financial health of our nation.
"Back in 2010, Chairman of the Joint Chiefs of Staff, Admiral Michael Mullen said that our debt is the greatest threat to our national security. And since he's said that, things have not improved one bit. I firmly believe in a strong national defense, and I realize that if we do not take decisive action to deal with this debt crisis, we will not have much of a nation left to defend. That is why I offered my plan as a starting point to move toward solving this issue.
"There are some who believe we can simply tax ourselves out of this predicament, I disagree. It has been often repeated that Washington does not have a revenue problem, it has a spending problem. So, it doesn't matter how much we raise taxes, if we do not cure our disease of overspending we will not end the vicious cycle of borrowing and printing well beyond our means.
"America is the greatest nation on earth, we have had the largest middle class, the greatest wealth, and greatest number of success stories the world has ever seen. But now we see our middle class shrinking, our wealth diminished, kids are graduating from college with no real job prospects, and we have become the world's biggest debtor nation.
"So what I propose under a Paul presidency, is a path back to prosperity, back to a vibrant middle class, more success stories, greater wealth and opportunity for every American willing to do the work it takes to achieve. I plan to restore America to what it once was, and what it can still be."