Sen. Rand Paul of Kentucky said Friday he opposes an increase in the debt ceiling absent “significant reforms,” arguing that President Obama ended up negotiating during the 2011 fight over the debt ceiling despite Mr. Obama’s own previous pledges.

“I will tell you in 2011, the president said, on the debt ceiling — remember we had that big debt ceiling fight — he said I will not negotiate with a gun to my head,” Mr. Paul said on Fox News’ “Outnumbered” program. “You know what he did? He negotiated. So leverage works, but only if you’re steadfast, only if you’re courageous, and only if you say I’m willing to go through the deadline.”

The Treasury Department has warned Congress the U.S. risks defaulting on its loans if the debt ceiling is not raised by Nov. 3.

Mr. Paul, a 2016 GOP presidential candidate, argued there is plenty of tax revenue to pay interest on the debt, as well as for items like Social Security, Medicare and soldiers’ salaries, “and then that’s about it.”

“But then maybe we ought to have a debate on the 30 or 40 percent of whatever else is left that we don’t have enough money for,” he said.

Mr. Paul had been asked a bit earlier in the program about the prospects of Rep. Paul Ryan, Wisconsin Republican, who has reluctantly entered the race to replace Speaker John A. Boehner and is working to consolidate support among the House GOP conference.

“Whether or not he succeeds or not, the real question is: Are Republicans in Washington going to get a handle on spending?” Mr. Paul said. “I, frankly, would not raise the debt ceiling unless we have significant reforms.”

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