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Sen. Rand Paul (R-Ky.) joined Neil Cavuto on "Your World" to explain why he's holding up the Senate's vote on a massive budget deal with only hours until a possible government shutdown.

Paul said the bill, which would set up a roughly $300 billion increase in the budget caps over two years, calls for borrowing and spending too much money.

"Actually, we're going to bring back Obama-era deficits. I was elected to combat Obama-era deficits," Paul said, calling it a "rotten deal" for fiscal conservatives who are concerned about the nation's rising debt.

He said he's not advocating for shutting down the government, but he's also not advocating keeping it open if that requires "borrowing $1 million a minute."

"This is reckless spending that is out of control," Paul said. "Someone has to stand up and say, 'You should spend what comes in, we should balance our ledger.'"

He lamented that many "so-called conservatives" have lost sight of that and are willing to rubber stamp legislation that balloons the debt.

"This is too important for the country not to have a debate about it, not to ask questions about it," Paul said.

Watch more above.

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