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The truth is that the United States doesn't need, and shouldn't have, a debt ceiling. Every other democratic country, with the exception of Denmark, does fine without one.

The U.S. has a law on the books called the debt limit, but the name is misleading. The debt limit started in 1917 for the purpose of facilitating more national debt, not reducing it. It still serves that purpose. It's unconnected to spending, hurts our credit rating and has been an abject failure at limiting debt.

There are no insuperable constitutional difficulties.

But the debt limit obviously is something that needs to and will be passed. That is not inconsistent with a process and a belief that we have to get significant deficit reduction.

We do not need mindless spending bills with no reforms attached.

There is a limit to how much the United States Treasury can borrow.

There can be no compromise regarding corruption.

If we didn't propose these reforms, we would not have proposed a budget that got the debt under control.

I can tell you if you look at the polls, Democrats, Republicans, Independents, they do not think we should increase the debt limit.