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Hello America happy -- area -- hope you enjoy the holidays off with your families but now of course it's trying to get back to work.
We've got a lot to cover in the new year today we're gonna start -- our national debt.
With a new Republican majority ready to take the reins on the house the battle lines are being drawn.
Over the issue -- -- ready for this raising the nation's debt ceiling.
Our government's debt stands at close to thirteen point nine trillion dollars.
And as expected they hit the current ceiling of fourteen point three trillion sometime this spring.
White House economic advisor Austan Goolsbee.
Says failure to raise the debt ceiling.
What caused the US to default on its obligations.
And could have a quote catastrophic impact on the economy.
The move would likely force -- government shut down but Tea Party Republicans are vowing to attack deficit spending once overall.
In this upcoming session of congress but had a -- plan on doing this.
Joining me now Kentucky senator elect Rand Paul.
And Utah senator elect Mike -- gentlemen.
Since each of you will be a United States senator in less than 24 hours I'm gonna drop the word -- when I address you so senator Paul to you first.
If you had to vote tomorrow on a proposal to raise the debt ceiling how would you vote and why would you vote that way.
I can't imagine voting to raise the debt ceiling I would only consider it if we attached a balanced budget rule -- it.
Or -- attached significant spending cuts so I can't imagine voting for because year after year we vote to raise the debt ceiling.
But no one ever restrain spending so -- The people sent a message to people wanna cut spending they don't wanna keep raising the debt now senator -- Austan Goolsbee who's the president's chief economic advisor told one of the national talk shows yesterday.
That there would be absolute catastrophe.
That Social Security checks would stop that military pay would stop -- soldiers would have to leave the battlefield the buildings would have to be closed.
That the government might have to actually shut down if we didn't raise the debt ceiling.
Does this tell you.
That the government plan to spend all of its money.
All of this borrowing and maybe even some printing by the Federal Reserve it never even intended.
To spend only what it takes again and tax dollars.
I think that's exactly what it tells us this is.
Preconceived idea that they have this is a strategy that they use it's the same kind of strategy they used.
When they pushed TARP down our throats a few years ago.
Economic catastrophe will await us it's certain there's nothing we can do about it unless we do this.
-- it's how we've gotten ourselves to the point where within a year's time will will preach that threshold of fifteen trillion dollars right and that's unsustainable -- we.
Got to stop this.
What what you say senator Lee to the people on the other side of the -- maybe even some of your soon to be colleagues on.
On the Republican side who will be the predictors of doom and gloom.
And say well we can't take money from grandma and grandpa we have to give the troops and their pay we have to keep this that and the other part of the government open mean are you willing to draw a line saying I will not cross this line.
Come what may.
Will -- yes.
Because what we have to remember is it's not a question of whether they're going to have to be painful cuts it's a question of cool and wet and then how bad the cuts are gonna have to.
With the reality that we now face so we have to have a balanced budget and what we need to put in place right now.
-- there are going to have to be some difficult decisions made but.
To just continue to kick this ball down the road -- to pretend the problem doesn't exist only makes matters worse senator Paul is it really.
Stick to expect that the debt ceiling would not be raised given the culture of government -- you.
And your colleague on the screen now are exceptions to the -- you -- dyed in the wool True Blue believers in the constitution.
That the government can only do what the constitution authorizes it to do I cannot say the same about virtually all the Democrats and many -- Republicans that you will be joining.
So where will we go on and we can't raise the debt ceiling isn't it gonna go up whether the two of you wanted to go up or not.
Well I don't know we're we're too new to be beaten down we think we can do have come to change Washington and we also think that we must do it but here's my point.
They make it out to be a hobson's choice either do it or government shuts down right what about we don't raise the debt ceiling and we just spend what comes in.
I called to spend what you have plan.
We bring in 200 billion dollars every month -- that year over two trillion dollars a year comes in and why can't we just spent two trillion instead of spending for trilogy gives you and what comes in.
Do you senator Paul except I expected them to try and -- you.
As either a former senator Frist are former senator Trent Lott said are they gonna -- -- Christmas tree ornaments even though Christmas is over in front of this and will build this in Kentucky and you can add your name on that if we can just have your vote on this.
So far it looks like we may be co opting them I think we've already had an influence and we haven't even been sworn in yet.
So I think you're gonna see a lot of new things and I think a lot of people appear one to be more conservative.
They've been afraid to talk about entitlements -- I think they can't get elected.
But I just got elected saying that you know -- as much as I don't want to change things we are being forced to change things and that the age for entitlements.
Will probably gradually have to rise and I was still able to get elected so.
I think people need to be emboldened and say the people want solutions they don't want to pass this debt -- -- kids and our grand.
I am talking to two of the boldest new members of the senate because as you know your colleague from -- top campaigned on among other things the idea that the public shouldn't get to vote for US senators.
That -- where we should overturn that decision making to who becomes a US senator to state legislatures.
And of course about where the case senator Lee.
We wouldn't have to worry about repealing obamacare because nobody sent to Washington by a state legislature would dare have voted in favor of -- given the incredible in positions.
It puts on the states.
I think that's right and of course the seventy -- it's not going anywhere.
That that ship has sailed and it sailed almost on -- years ago but what we can restore.
Is the notion that we had -- in prior eras in this country in which we recognize that there is a fundamental distinction between state power -- federal power.
The federal government needs to stick to those things for which -- was created right national defense immigration regulating interstate and foreign trade and things like that.
It's not supposed to be all things -- -- people it's not supposed to tell us where to go to the doctor and how to pay for.
-- -- -- to tell us where to go to the doctor and how to pay for senator Paul did you see much hope in repealing obamacare.
Or do you think that says that the different attitude in the congress will have to gradually Wear away at it defund this defund that.
He had this to something that the president has to have even though independently he wouldn't go for it.
-- you know as a as a -- in a position but an avid reader I loved to -- great constitutional decisions.
And houses blown away by Henry Hudson's decision -- says you know what.
In activity is not commerce write -- in activity is commerce they can regulate anything I do.
So pretty much -- amazing I think our best chances to the court system of striking it down.
-- who -- -- thought.
That my former colleagues in black robes who for years -- derided as being activists would be the ones that may actually save the constitution.
Prediction senator Lee will the court save the constitution.
By throwing out Obama -- may be even keeping the ceiling on the -- I think so I think it will be found unconstitutional at the end of the day.
-- knock out the individual mandate the rest of it crumbles but let me say this judge it's important remembered that.
We as part of the political process also have a role in the constitution yes Rand Paul I will take an oath to uphold the constitution -- were sworn in day after tomorrow.
That means that we need to read it we need to decide ourselves whether what we haven't -- not rely solely on the courts to decide whether on -- -- unconstitutional absolutely that is unconstitutional.
An all white.
To bury this thing -- -- dance on its grave absolutely it is the duty of all three branches.
To uphold the constitution because -- wall take the same -- gentlemen congratulations stadium tomorrow senator Paul senator Lee thanks for joining us.
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