Ron Paul Speaks: 'No' on Romney

The Texas Republican congressman pointedly refused to endorse his party’s presidential contender. Speaking on CNBC, Paul argued that neither he nor President Barack Obama would make necessary cuts to public spending that would avert a fiscal catastrophe.

“No,” the iconoclastic Libertarian bluntly told CNBC’s “Futures Now,” when asked about whether he was prepared to endorse Romney. He said the former Massachusetts governor and the president are both captives of similar interests.

 “Both within the establishment where they need the Federal Reserve as lender of last resort to make sure that you take all the risk in the world,” Paul said. He linked the Fed — his favorite foil — and the Washington political establishment together as part of a “one party system” that refuses to make necessary but difficult choices to cut spending.

A big part of the reason may be the former Massachusetts governor's failure to win over Ron Paul supporters, who constitute a significant portion of delegates headed to the Tampa convention.