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Cruz: 1995 Shutdown Brought Greatest Fiscal Responsibility We've Ever Seen

JUDY WOODRUFF, PBS NEWSHOUR: You have also said, Sen. Cruz, that you are prepared to use the debt ceiling vote as a bargaining tool. But some look at that and they say, you could be risking the downgrading of U.S. government debt, U.S. government bonds again.

TED CRUZ: You fast-forward to the debt ceiling. I think that's the mirror image of the fiscal cliff, because the default, if nothing happens, is that the debt ceiling is not raised.

And what that means -- it doesn't mean, as some who would demagogue this issue suggest, it doesn't mean a default on our debt. What not raising the debt ceiling would mean is a partial government shutdown. Roughly, 40 cents of every dollar the federal government spends is borrowed. If you don't raise the debt ceiling, that 40 cents is temporarily stopped.

Now, we did that in 1995. We didn't default on our debt.

JUDY WOODRUFF: Right.

TED CRUZ: And the result was balanced budgets, and some of the greatest fiscal responsibility we have seen in modern times from Congress, because fiscal conservatives stood together and said, we need to be responsible.

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