PANAMA CITY, Fla. (WMBB) — While in Panama City on Tuesday, Senator Rick Scott shared his views on the upcoming debt ceiling showdown.

Treasury secretary Janet Yellen said the United States will hit the debt limit on Thursday.

Scott said in the past the country’s debt has been paid off by raising taxes, but the Florida senator said he’s not in favor of more taxes on the American people.

He said the trillions of dollars in debt cause inflation. He added that, in turn, hurts American’s ability to buy homes.

Scott said he’s hoping to continue the conversation about how to responsibly stop increasing the country’s debt.

“So it’s only going to get paid off by higher taxes. And so I’m not going to support higher taxes,” Florida Senator Rick Scott said. “We’re going to have a conversation this year about how do we responsibly stop increasing the debt of this country. We’ve got to preserve the programs we care about, like social security and medicare, and preserve their benefits. And we’ve got to make sure we have the most lethal military, but we also have to live within our means.”

If the debt ceiling isn’t raised and the government goes into default, it could be disastrous for the American economy and global financial markets.