OLDHAM COUNTY, Ky. (WHAS11) -- In Oldham County U.S Senator Rand Paul says he plans to vote against raising the nation's debt limit as leverage to force the White House into budget reform.
As Paul tells WHAS11 Political Editor Joe Arnold he plans to file a bill next week that would prevent the country from defaulting on its debts.
“I'm not in favor of raising the debt ceiling unless we have significant budgetary reform which shows we have changed our ways and we're going to begin to balance the budget,” Paul said.
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Rand Paul says President Obama's refusal to negotiate over the debt ceiling simply means he's not going to reduce spending or the government.
“I don't think the President is accurate when he says, 'Oh, we have to pay our bills' because raising the debt ceiling doesn't pay your bills. It pays the interest on your bills and you keep accumulating more,” Paul said.
The president says it simply means the full faith and credit of the United States shouldn't be held for ransom.
“And Republicans in Congress have two choices here. They can act responsibly and pay America's bills or they can act irresponsibly and put America through another economic crisis,” President Barack Obama, said on Monday.
The debt limit is the ultimate bargaining chip. But this high stakes capitol tight wire act has some Americans nervous.
Rand Paul vows to fight President Obama's gun control measures.
“You need to get the hard liners on both sides of the aisle to understand now is the time to make a decision. We've kicked this can down the road long enough,” Bob Dye, (R) Oldham County Magistrate, said.
“I don't make a whole lot here and what they have done so far has already affected my paycheck,” Trisha Perry, Oldham County resident, said.
Yet Paul says if the president was a responsible leader he would take default off the table. In a bill Paul plans to introduce next week, Paul says if Congress votes against raising the debt limit, it would obligate the U.S. to pay interest on the debt and other high priorities - such as Social Security - first.
“It's not responsible for the President to say, Oh if we don't raise the debt ceiling we're going into default. We bring in over $200 billion in revenue every month and the interest payment is $30 billion. So there's plenty of money to pay the interest every month,” Paul said.
WHAS11’s Joe Arnold asked Paul whether Congress is legally obligated to spend the money it already voted on. Paul thinks that his new bill would supersede those previous ones.