"The last thing I ever want to see is our country taken over because we're so financially weak, we can't do anything," Ross Perot said on Monday.
Perot also pointed out that neither the Democrats nor the Republicans are doing anything while the US continues to go deeper and deeper into debt.
"We're on the edge of the cliff, and we have got to start fixing it now. Otherwise, we're leaving a disaster to our children's and our grandchildren's future," he said.
"Nobody that's running really talks about it, about what we have to do and why we have to do it. They would prefer not to have it discussed," he added.
Perot noted with regret that despite his 1992 crusade to hold lawmakers accountable for the national debt, "I didn't get done what I hoped I'd get done."
"Whether I got elected or not, I hoped they'd all get busy and straighten it out. That hasn't happened yet, and this is my last big effort here," he said.
Perot ran for US presidency twice. In the 1992 presidential election, he ran as a third-party presidential candidate and earned 19 percent of the popular vote, making him the most successful third-party presidential candidate in terms of the popular vote since Theodore Roosevelt in the 1912 election.
In 1995, he founded the Reform Party and won their nomination for the 1996 election. He ran as an independent in the 1996 election but received eight percent of the popular vote.