Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve

Townhall.com Staff
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Posted: Aug 02, 2011 2:15 PM
Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve
Rep. Ron Paul on Monday introduced legislation that would lower the federal government's debt by canceling the roughly $1.6 trillion in debt held by the Federal Reserve.

Paul has argued for the last few weeks that the idea represents a quick way to make the growing fiscal crisis more manageable. Under his bill, H.R. 2768, the $1.6 trillion that the Treasury owes to the Federal Reserve would disappear.