Rand Paul: Federal Government Shouldn’t be Deciding Business Winners and Losers

Sen. Rand Paul R-Ky., said the federal government needs to stay out of deciding winners and losers when it comes to stimulus funds for job creation and let the free market decide which businesses succeed and which ones fail. He pointed to the $527 million federal loan to Solyndra that has recently come under scrutiny.

"Them deciding that their buddies in some solar company deserve half a billion dollars, that's a mistaken philosophy," Paul said of the Obama administration. "That's the government choosing the winners and losers, we need to let the consumer choose the winners and losers."

The Tea Party senator also said in the Thursday interview on "America's Newsroom" that he feels there are too many regulations being imposed on business for them to flourish and create jobs. "We think we should have a regulatory moratorium. No new regulations."

Paul claimed the Obama administration handed out new regulations costing businesses $10 billion last month and over $60 billion this year, adding that he would like to repeal a regulation each week until the economy recovers.

"I think instead of bashing corporations, bashing American business, he (Obama) needs to say that he's going to make the Bush tax cuts permanent, so we don't threaten to take and raise these taxes on businesses," Paul said. "And overall he needs to try to be friendly to American business instead of giving this rhetoric that appears to be that he opposes American business."

Paul added that he believes the Obama administration is realizing the error of its ways when it comes to regulations and showed that last week when it backed off an Environmental Protection Agency regulation on Ozone Standards which would have punished companies for emissions. "I think they are starting to sense that their regulation that they keep heaping on us are killing jobs."

When it comes to the president telling congress to pass his Jobs Bill Paul said that the administration needs to listen to members of Congress. In a speech to a joint session last week, Obama pushed Congress to act on the bill.

"There should be nothing controversial about this piece of legislation," the president said. "Everything in here is the kind of proposal that's been supported by both Democrats and Republicans - including many who sit here tonight. And everything in this bill will be paid for."

"It's not that the president gets to tell us pass this now, these are my ideas and you pass all of them now or you're irresponsible," Paul said. "Our message to him is we have a jobs plan, why don't you come listen to us."

Paul said that compromise does not come from the president telling lawmakers to pass something now, but instead by have a meeting in the middle where the sides can come together and agree on some issues.