Even though Congress passed the fiscal cliff bill this week, there are still several big financial challenges looming, beginning with President Obama's desire to raise the debt ceiling.

Kentucky Senator Rand Paul thinks the U.S. is heading in a perilous direction if the government doesn't control its spending.

"The biggest amount of spending," he says, "the largest item in Washington, is the entitlements; this is Medicare, Medicaid, and Social Security. It's 2/3 of your budget and it's growing rapidly because we have all the Baby Boomers retiring. It's not really anybody's fault, but all these people retiring and less people being born in each successive generation, there's not enough of a tax base for these programs, so we do have to fix the entitlements."

Senator Paul says the Republicans will try to force the issue during the upcoming debt ceiling talks.

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