(CNBC) Texas Republican congressman Ron Paul pointedly refused to endorse his party’s presidential contender, Mitt Romney, arguing 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 accused both the former Massachusetts governor and the president of being captive to 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.

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