WASHINGTON, DC – Following President Obama’s prime-time national television address Monday evening, Senator Rand Paul released the following statement:

“The President tonight took to the airwaves to make yet another speech – but has yet to provide a solution to address our current debt crisis, and again insisted on historic tax hikes. The plans proposed by the respective leadership of both chambers of Congress do nothing to defeat our debt, but rather perpetuate it.

“Both of the Congressional ‘deals’ would leave our nation spending more and accruing more debt – at least $7 trillion more over the next 10 years. Real spending cuts – not small reductions in proposed increases – need to be at the core of this debate, and neither plan balances ever. The Cut, Cap and Balance bill is a great starting point. Any deal must fix our debt problem, which I believe can only be solved through a Balanced Budget Amendment.

“I call on the President to stop threatening Americans with the possibility of defaulting on our debt. We have enough money coming in to keep paying out Social Security checks and the interest on our debt. Political scare tactics and smoke-and-mirror ‘deals’ won’t solve our debt problem, and in fact will likely cause a larger one by forcing the downgrading of our debt rating. This is irresponsible by all parties. It’s time for real leadership to protect our nation’s fiscal security. It’s time to balance our budget.”