Rand Paul Warns Borrowing Puts America on Track to 'Be the Next Venezuela'
Republican senator issues warning about congressional spending
Republican Sen. Rand Paul (R-KY) is warning the American public that congressional pandemic-related spending is putting the United States on track to becoming "the next Venezuela."
The Kentucky senator, one of the most outspoken Republicans about government spending, blasted the epic borrowing by Congress on Sunday.
His comments came shortly after the Senate passed Joe Biden’s $1.9 trillion COVID-19 relief package.
Paul took to Twitter Sunday to ask whether government borrowing is putting the U.S. economy on the same path as socialist Venezuela's.
"New 1,000,000 bolivar note in Venezuela worth 53 cents," Paul said on Twitter while linking to a Bloomberg report on hyperinflation in Caracas.
"Will US be the next Venezuela with Congress borrowing over $6 trillion in one year?"
Paul’s comments came just a day after the Senate passed Biden’s $1.9 trillion COVID-19 relief bill in a 50-49 vote.
New 1,000,000 bolivar note in Venezuela worth 53 cents. Will US be the next Venezuela with Congress borrowing over $6 trillion in one year?— Senator Rand Paul (@RandPaul) March 7, 2021
Hyperinflation Pushes Venezuela to Print 1,000,000-Bolivar Bills - Bloomberg https://t.co/IzPGWrNAwv
Sen. Mitt Romney (R-UT) also expressed dismay over some of what he identified as wasteful spending in the bill, including providing billions in financial assistance to states that do not need it.
"We’re going to be asking the American people to allow us to borrow money from China and others, pass that on to our kids and grandkids so that we can send money to states like California and mine that don’t need the money," Romney said.
"That doesn’t make any sense at all."
On Saturday, Senate Democrats rejected efforts to keep the forthcoming pandemic-related economic stimulus out of the hands of imprisoned criminals and immigrants who are living in the United States illegally.
Prior to approving the whopping $1.9 trillion stimulus package — which is stuffed with items completely unrelated to COVID-19 relief —, Republicans proposed numerous amendments that would have more responsibly directed aid to those Americans who need it most.
Republicans, however, were unsuccessful in leaning down the bill, which was ultimately approved without support from a single Republican senator.
Venezuela’s economy has deteriorated due to oil prices, the coronavirus, and years of hyperinflation, according to Reuters.
Its central bank issued a new banknote worth 1 million bolivars that will be worth 52 cents.
The report said that many Venezuelans use U.S. currency to complete transactions.