Senator Rubio: “It's irresponsible to continue to borrow $1.6 trillion a year with no plan to end it anytime soon. Look, I marvel at how people in this town run around with their hair on fire because of the potential for a technical default because we don’t raise the debt limit, but they don’t seem that overly concerned about a real default, where we’re not paying our debt obligations because we don't have the money. My point is, we know that this is a problem. You look at any projection, and it shows you that the debt crisis will come if we do nothing. Let's start dealing with it now. Let's use this debt limit debate as an opportunity to begin to put in place a plan and execute a plan that gains the confidence of the world.”

NBC’s David Gregory: “But the Treasury Secretary says let's talk about it, let’s work on parallel tracks. As you just said, the TEA Party's got everybody talking about government spending, but if you can't reach agreement on some of the things you’ve talked about: Social Security reform, Medicare reform, other specific cuts, do you then take that next step and say we're going to not allow the limit to go up?”

Senator Rubio: “There is no magic bullet. In essence, you can't solve this debt problem that America faces with one solution. There's not a magic bullet. You’ve got to have a series of reforms that have to happen. What I'm saying and what I think others are beginning to say, including many in the Democrat Party, is now as part of the debt limit debate, let's not just talk about the debt limit, let's talk about how we're going to put this country on a fiscal path that is sustainable.”

Senator Rubio: On Medicare, “Don’t Just Criticize, Propose”

Senator Rubio: “Well, Medicare as we now have it goes bankrupt. Medicare as we now have it is not an option. Here's my challenge today – anybody out there that thinks there is a better way to save Medicare should introduce a bill on Monday. Tomorrow, when we get back to work here in Washington, run up to Capitol Hill and introduce your bill. Why hasn't the president proposed a Medicare plan? Why haven’t the Congressional Democrats proposed a Medicare plan? Why haven't the leaders in the Senate that control the Senate – they haven't even proposed a budget, much less a Medicare plan. What is their plan to save a broke program that's going to go bankrupt in 5 to 12 years? Don't just criticize, propose. Otherwise, you're not serious. You're up here to play political games.”

Senator Rubio: The President Has Failed To Lead

Senator Rubio: “Well, I think unfortunately, the president has failed to lead, and I say this with sadness. Let me tell you something, I'm a Republican, I'm proud to be a Republican, but I love my country even more. I desperately want America for the next 100 years to be what it's been for the last, an exceptional country in multiple ways – morally, socially, politically, economically. America has been unique and special. I want it to continue to be that way. It cannot continue to be that way unless the president leads. I want the president to lead. I want the president to lead. We can't solve this Medicare issue, we can't keep it from going bankrupt if the president doesn't lead. We can't put our country on a sustainable path of spending if the president doesn't lead. We can't play America's proper role in the world if the president doesn't lead. I want him to lead. Americans want him to lead. Ultimately, I'd rather him lead than just hope that my party succeeds, but he's not leading and we're going to pay a tremendous price for that.”