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U.S. Sen. Marco Rubio, R-Fla., said Wednesday that a proposal in Congress to raise the nation's debt ceiling past $14.3 trillion would be "catastrophic."

Rubio, speaking at the Council on Aging's River House, told 400 supporters that the U.S. economy is no longer growing.

"Why? The national debt is casting a dark pall on our future," he said. "Our government is spending about $1 trillion more than it takes in. People figure out pretty quickly that this is unsustainable."

But there's no "magic bullet" or single action to take, he said.

"There are a lot of things we can do," he said. "First, we need to share with our creditors that we have a plan. We don't know when, but the crisis will come. Our debt limit is $14.3 trillion. We'll reach that before the end of June." He said the government needs to borrow more money to pay the interest on what it has already borrowed.

"That's like getting a second credit card to pay the interest on the first," he said.

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