'We don’t have any money in Washington,' Paul says. Paul: No gov't bailout for Detroit

Kentucky Sen. Rand Paul said Friday he will strongly oppose an attempt by President Obama to bailout the city of Detroit.

“I basically say he is bailing them out over my dead body because we don’t have any money in Washington,” Paul said in an interview with Breitbart.com


Paul said he thought a federal bailout could send the wrong message to other cities with financial problems.

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“You don’t set up an implicit promise from the federal government that everybody is getting bailed out,” he said. “It’s sort of like too big to fail for banks. If you have too big to fail for cities or for states and they believe they’ll be bailed out they’ll continue to make unwise decisions.”

The White House released a statement Thursday that said Obama is monitoring the bankruptcy in Detroit but has not committed any federal help to the Motor City, which is facing the biggest municipal bankruptcy in U.S history.

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