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The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. America has a debt problem and a failure of leadership. Americans deserve better. I, therefore, intend to oppose the effort to increase America's debt.

If we weren't running deficits, if we weren't spending more than we were taking in, there would be no reason whatsoever to increase the debt ceiling.

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.

You know, when Republicans were in charge, we doubled the debt. But, now, our concern is the Democrats are in charge and they're tripling the debt. So, really, our concern is that we want smaller government.

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 really truly worry that the debt is one of the single biggest threat to the United States of America, that we're talking about a problem that is multi-trillion in its depth and I think we ought to be cutting more.

I am prepared to discuss the things that I believe we need to do not just to raise the debt limit. Raising the debt limit is the easiest thing. That's one vote away. The hard thing is to show the world we are serious about putting our spending in order so we can show people we'll able to pay our bills down the road.

Now we are raising the debt limit 3 times, up to $8 trillion, so that our children and our grandchildren will have to pay for the cost of our expenditures.

Obviously, there has to be a profound change in direction. Otherwise, interest on the national debt will start eating up virtually every penny that we have.