The Treasury Department says the United States will hit its credit limit on August the 2nd. Do you believe we will ultimately have to raise the debt ceiling?
ROMNEY: I believe we will not raise the debt ceiling unless the president finally, finally is willing to be a leader on issues that the American people care about. And the number one issue that relates to that debt ceiling is whether the government is going to keep on spending money they don't have.
And the American people and Congress and every person elected in Washington has to understand we want to see a president finally lay out plans for reining in the excesses of government.
You've heard on here a whole series of ideas about entitlements. And that's about 60 percent of federal spends. That's a big piece. That's a big chunk. Ideas from all these people up here.
Where are the president's ideas?
Each person has different ideas here. We can try them and try different ideas in different states and different programs at the federal level.
But why isn't the president leading? He isn't leading on balancing our budget and he's not leading on jobs. He's failed the American people both in job creation and the scale the government.
VAUGHN: Governor --
ROMNEY: And that's why he's not going to be reelected.
VAUGHN: Governor, what happens if you don't raise it? What happens then? Is it OK not to?
ROMNEY: Well, what happens if we continue to spend time and time again, year and year again more money than we take in?
What we say to America is: at some point, you hit a wall. At some point, people around the world say, "I'm not going to keep loaning money to America to pay these massive deficits pay for them because America can't pay them back and the dollar is not worth anything anymore." In that circumstance, we saddled our future -- the future of our kids in a way that is just unacceptable.
And so, you're going to see Republicans stand up and say, "Mr. President, lay down plans to balance this budget." If he does so, if we gets Democrats to come at that time table and honestly deal with the challenges we have, with the entitlement challenges, with the spending and discretionary accounts, with our jobs issues, and finally say you know what? We really can't afford another trillion dollars of Obamacare.