To clarify something, paper.li shows excerpts. Generally speaking, that'll fall under fair use, if that concept applies where you're operating. If it doesn't, most people/sites will just see it as reasonable and not complain.
If you plan to actually output the feed content wholesale, you'll probably be seen as having crossed a line, particularly by sites that provide full content in their feeds. Some sites explicitly allow republishing, in which case do whatever you want.
All of the above is roughly from the perspective of whether it's "okay" to republish content in general practice. You don't really say whether this is just a personal project or something you plan to do as a business, but if you want actual legal advice, you should talk to a lawyer.