Ron Paul: Raising the debt ceiling means 'status quo has prevailed'

Nonetheless, Paul said it is "predictable" that Congress would again "delay the inevitable" and raise the ceiling.

"We have heard endless warnings about how irresponsible it would be to 'shut down the government,' " he said. "The implication is that sober, rational, mature pundits and politicians understand reality, while those who oppose raising the debt-ceiling limit are reckless ideologues who will harm the economy just to make a point."

Paul insisted that the government has enough money now, and said it should focus only on its "constitutional functions." He also argued that the entire budget of the federal government was just $1 trillion 20 years ago, and it was not seen then as too small.

Congress is expected to deal with the debt ceiling in some way by late July, as the Obama administration has said it can continue to manage the government's finances until mid-August without an increase in the debt limit. Many Republicans continue to argue that an increase in the ceiling should only be done as part of a broader agreement to trim spending.