By: Javier David, CNBC.com
Texas Republican congressman Ron Paul pointedly refused to endorse his partyâ€™s presidential contender, Mitt Romney, arguing that neither he nor President Barack Obama would make necessary cuts to public spending that would avert a fiscal catastrophe.
â€œNo,â€ the iconoclastic Libertarian bluntly told CNBCâ€™s â€œFutures Now,â€ when asked about whether he was prepared to endorse Romney. He accused both the former Massachusetts governor and the president of being captive to similar interests.
â€œBoth within the establishment where they need the Federal Reserve as lender of last resort to make sure that you take all the risk in the world,â€ Paul said. He linked the Fed â€” his favorite foil â€” and the Washington political establishment together as part of a â€œone party systemâ€ that refuses to make necessary but difficult choices to cut spending. (Read more: Ron Paul Vows to Continue Campaign Against Status Quo.)
â€œIâ€™ve been in this business a long time and believe me there is essentially no difference from one administration to another no matter what the platforms,â€ said Paul, a former hopeful for the GOP nomination. â€œThe foreign policy stays the same, the monetary policy stays the same, thereâ€™s no proposal for any real cuts and both parties support it.â€
He cast some doubt that the looming fiscal cliff would have the economic impact many market observers are warning about, adding that Congress and the White House would likely find a way to delay the inevitable cuts in spending and tax hikes.
â€œTheyâ€™re not going to allow all those terrible things to happen on January 1, but theyâ€™re not going to solve the problem either,â€ Paul said.
To read more, visit: Â http://www.cnbc.com/id/49374723
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