Will America declare bankruptcy? Ron Paul thinks so

July 11, 2011|By Luke Broadwater

It's no secret that the U.S. financial situation is dire. The government spends more than it takes in and has done so since the Clinton administration. 

But how bad will it get? Will our penchant for military excursions and entitlement programs cause the government to default on its debt like some rundown gambler? 

U.S. Congressman Ron Paul (R-Texas) is predicting the nation will have to turn to bankruptcy to fix its problems. 

"I am very hopeful and positive in the long run, but I think we are going to go through a bankruptcy first," the Texas congressman told Fox News in a Sunday Interview.

Obviously, the country can't actually declare bankruptcy like someone with a gambling addiction can. But the country could realistically default on its debt, leaving countless holders of U.S. government bonds screwed.

The fact that we're even having a discussion about this is ridiculous. 

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