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Even with not having a balanced budget at this time, I support tax cuts. That will help limit spending.

I think to balance the budget, probably every federal department has to take cuts in my opinion.

I would vote to increase the debt limit if there was a corresponding level of cuts. And if there was some serious talk about a balanced budget amendment, which we as governors always had to deal with.

My point is cutting spending shouldn't be reliant on the debt limit though. It's something we have to do. The good news for America is, leaders in both parties, the president, believe that we have to have significant deficit reduction. So the intent is there. And I think what America is going to demand is that our leaders come together.

I think where I differ a little bit, we absolutely have to think about the deficit looking down the road. And certainly that's something the president has said that we need to, as the economy recovers, have a plan in place for getting it down.

To reduce deficit spending and our enormous debt, you reign in spending. You cut the budget. You don't take more from the private sector and grow government with it. And that's exactly what Obama has in mind with this expiration of Bush tax cuts proposal of his.

I have said repeatedly I do want to take longer to eliminate the deficit than the other parties. Because I want to see us have the ability to invest more in our economy, in our public services, and in lifting people out of poverty.

You've got to either say you're going to cut taxes and find some spending cuts. I think we ought to reform long-term entitlement spending in the country, but you can't out of one side of your mouth say, 'Yes, we're for tax cuts, we're for spending discipline, and we're for bringing down the debt.'

My Republican colleagues say, Let's do the cuts first. The Democrats say, Let's do spending first. I'd like to do both simultaneously.

I would cap the amount of federal government can spend at 20 percent of the economy. Bring it back to 20 percent or lower. And say, we are not going to spend above that level. Democrats, they want to raise your taxes and spend more and more and turn us into an economy which is no longer driven by the private sector.