Sen. Rand Paul (R-KY) warned Sunday that the United States cannot afford to provide financial aid to foreign countries like Ukraine, citing concerns about devaluing the U.S. dollar.
Paul also cited concerns regarding securing the southern border and agreed that it needs to be addressed before helping outside countries. He added that a financial crisis in the near future could be on the way as the U.S. accumulates debt “at a trillion dollars every three months.”
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“This is an extraordinary thing,” Paul said on Fox News’s Sunday Morning Futures with Maria Bartiromo. “And interest rates are now becoming the highest or one of the largest items in our budget. So really, people can talk about wanting to help other countries, we don’t have the money. It has to be printed up. It’s destroying our currency, and it’s why it costs more to go to the grocery store to buy your groceries.”
Paul added that it is possible that the U.S. goes too far in sending financial aid outside the country, which he warned would lead to “a cataclysmic economic downturn” and a “destruction of the currency.” The Kentucky senator acknowledged that his warning sounded “over the top” but said that it is what is needed since the U.S. is accumulating debt at such a fast rate.
On Wednesday, the Senate voted against advancing Sen. Chuck Schumer‘s (D-NY) request for $111 billion in foreign spending, with the tally being 49-51, far below the 60-vote threshold needed to advance the request. Schumer described the vote results as “a sad night in the history of the Senate and in our country,” calling for his Republican colleagues to get “serious.”
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Republicans have encouraged its members to oppose advancing the foreign aid package without the border agreement in place. Border security has been a major talking point for many Republicans, including Senate Minority Leader Mitch McConnell (R-KY).
“I’m advocating and I hope all of our members vote no on the motion to proceed to the shell [bill] to make the point, hopefully for the final time, that we insist on meaningful changes to the border,” McConnell said late Tuesday.
