From Newsmax:

Rep. Ron Paul, R-Texas, says depression looms for the economy and failure to extend the Bush tax cuts for everyone would hasten the process.

"It will be devastating if the (tax) breaks aren't renewed," the 2008 presidential candidate told Newsmax.TV.

"That represents a tax increase. It's the unknown hanging over the market," he said. The Obama administration and many Democrats in Congress want to renew the cuts only for those with income of less than $200,000.

"I don’t understand how they can think that way. (But) when I see what they've done with the medical care bill and the financial reform bill, they're capable of doing that," Paul said.

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