Ron Paul: GOP senators “caved in”

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CAMBRIDGE, Mass. (CNN) – Former presidential candidate Ron Paul criticized President Obama’s economic recovery proposal, but said Saturday that blame for the financial crisis is deep-seated and includes Republicans who failed to hold the line on spending during the Bush administration.

Ron Paul is a Republican congressman from Texas who unsuccessfully sought the GOP nomination for president.He also offered a harsh critique of the three Republican senators who have said they will vote for the economic recovery proposal. A vote is scheduled for early next week.

Paul, a Republican congressman from Texas who unsuccessfully sought the GOP nomination for president, said that while some people call Obama’s plan to jumpstart the economy a “stimulus package” he thinks it is a “pure spending package,”in a new video message posted on YouTube.

Paul did praise his fellow House Republicans for unanimously voting against the plan, but expressed disappointment that three Senate Republicans “caved in and went with the Democrats.”

He didn’t mention the GOP senators by name, but was referring to Sens. Susan Collins and Olympia Snowe, both of Maine, and Sen. Arlen Specter of Pennsylvania.

In the video, which lasted six minutes and 36 seconds, Paul said he wondered if Republican opposition to the spending is “too little too late.

“It is like they’re born-again budget conservatives,” Paul said. “Where were we in the past eight years when we could have done something? And you see our last eight years that has set this situation up. So we can’t blame the Democrats for the conditions we have.

“We have to blame both parties and presidents of the last several decades to have generated this huge government.”

Paul said he agrees that the economy needs to be stimulated, but he doesn’t think the federal government should be doing it.

“Sure we want more spending,” Paul said. “We need a lot more spending in the economy, but it has to be done by market forces, by individuals, by businesses making proper decisions.”

The stimulus package, which is expected to come in at about $827 billion when the Senate votes, includes tax cuts and credits and spending on infrastructure, education and other projects supporters say will create and save jobs.

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