In the latest Fiscal Fridays interview, Republican presidential candidate Rand Paul called the federal debt “the most important problem we face” and said he would try to balance the budget in five years even while cutting taxes.
Paul, a U.S. senator from Kentucky, said the major political parties shared the blame for the nation’s fiscal problems because they each had their “sacred cows,” with other Republicans seeking higher defense spending.
“I’m the only fiscal conservative on the stage,” he said, “because I am willing to hold the line on military and on domestic spending.”
First Budget — an initiative of The Concord Coalition and Fix the Debt — is co-sponsoring the Fiscal Fridays interview series with NH1 News Network, the Business and Industry Association of New Hampshire, and the Warren B. Rudman Center.
Paul has proposed a $2 trillion tax cut that would repeal the federal tax code and replace it with a 14.5 percent flat tax for individuals as well as corporations. His plan would also eliminate the payroll tax, the estate tax and a number of other taxes.
Asked how this could be done without ballooning the federal deficit, Paul reiterated his hopes to make deep spending cuts.
But many of his proposals would likely face stiff opposition in Congress and put heavy pressure on state budgets. These proposals include eliminating the federal departments of education, interior, commerce, energy and housing and urban development.