Republican presidential candidate Mitt Romney opposes the deal to raise the nation's debt ceiling.
The former Massachusetts governor says the compromise, backed by President Barack Obama and congressional leaders in both parties, opens the door to higher taxes and defense cuts. Romney opposes anything other than the House Republican "cut, cap and balance" approach that required Congress to send a balanced budget amendment to the states.
Romney has been criticized for silence on the issue. His statement is his first on the high-stakes negotiations in several days.
Romney joins fellow presidential contender, Michele Bachmann, in opposing the deal.