This is the Cato Daily Podcast for Friday, March 4, 2011. I'm Caleb Brown.

The key to fixing the fiscal mess in Washington is to think big.

That's the message from the newly elected junior senator from the Commonwealth of

Kentucky Ran Paul, who spoke at the Cato Institute's benefactor's summit

held last week in San Diego.

When I got to Washington, I was told that I would get to sit at Henry Clay's desk. Henry Clay, is probably the most famous legislator ever to come from Kentucky.

He was Speaker of the House, he was elected to the Senate at 29.

You have to be 30.

There are only two people ever elected at 29, Henry Clay and

Joe Biden.

But Henry Clay was elected and they actually just went ahead and seated him.

Even though the Constitution says you're supposed to be 30, they have a lot of

liberality with how they can enforce the rules and they seated him.

So he's the youngest senator ever, became Speaker of the the house he ran for president four

times and really came within 38,000 votes of winning the presidency against

Polk either 1836 or 1840, somewhere around there.

But he became very, he came very, very close.

But he was also known, as most of you know,

as the great compromise.

Well, the first week I was there, we were having a tour of the National Archives,

and one of the other Republican senators was there,

and he kind of laughing, looked over it,

...