Update from Capitol Hill

  • Rep. Ron Paul had another infamous exchange with Federal Reserve Chairman Ben Bernanke, asking him if he thought gold was money.  Bernanke said “no,” and when Rep. Paul asked him why, then, central banks hold gold as reserves, Bernanke stumbled, and then said “tradition.”  Watch the full exchange here.
  • Bernanke also suggested the Fed was considering another round of stimulus if the economy continues to stagnate.
  • The debt limit negotiations took a bizarre turn when Senate Minority Leader Mitch McConnell proposed that the Congress give the authority to raise the debt limit to the President, just so that the GOP could vote against it (and fail to defeat it) and save face.
  • Sen. Jim DeMint quickly came out against the plan, pointing out that Republicans weren’t elected in November to make it easier for the government to go more into debt and spend more money.
  • When President Obama said in an interview that he “couldn’t guarantee” that social security checks would go out if the debt limit wasn’t raised, Sen. Rand Paul called for him to apologize for using scare tactics to push more debt on the American people.
  • Judge Andrew Napolitano wrote an open letter to House Speaker John Boehner, urgining him not to give into pressure and vote to raise the debt limit.
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