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The Republican argument that raising the debt ceiling encourages additional future spending is logically irresponsible. The debt ceiling has to be raised to authorize spending already approved by Congress. Despite that fallacy, the GOP has been able to score political points with its argument.

I certainly don't want our nation to go into default, but at the same time, I'm very concerned about our ongoing debt problem.

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

Remember, Republican economic policies quadrupled the debt before I took office and doubled it after I left. We simply can't afford to double-down on trickle-down.

Take any person, put them in the wrong environment, and they can get off to some pretty bad things. Warren Buffett has said that he would not like to get into debt because he doesn't want to discover what behavior he's capable of.

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.

The only way you can raise the debt ceiling is to change the trajectory of spending - that's my personal preference. But I want the Ways and Means Committee to offer up a solution.

Historically, the responsibility for voting on the debt limit has gone to the party in the majority.

In 2010, I proposed that Congress take its first pay cut in 77 years, and my effort had bipartisan support. And as part of leading by example, I returned 5 percent of my paycheck every month to pay down the debt.

I grew up middle class. My father was a public functionary who didn't leave an inheritance, just debts.