I think there's a growing amount of confusion about what conservatism is. And it is time for us to understand that conservatism is not built on personalities. Conservatism is not simply built on how angry you might seem from time to time. Conservatism is built on a set of principles and ideas that our nation desperately needs.

Puerto Rico is a government that is spending money that it doesn't have. What's coming in and what's going out don't match. That is, what they are receiving in taxes is not sufficient to cover the spending that they are taking on. And any entity that does that, whether a family, a business, a government, is going to go broke and bankrupt. They are asking to be given the right to declare bankruptcy, which I think should be an option, as a last resort, if there is no other resource.

These economic, social, cultural and educational causes of opportunity inequality are complex. And they will not be solved by continuing with the same stale Washington ideas. Five decades and trillions of dollars after President Johnson waged his War on Poverty, the results of this big-government approach are in.

My father stood behind a bar in the back of the room all those years, so one day I could stand behind a podium in the front of a room. That journey, from behind that bar to behind this podium, goes to the essence of the American miracle - that we're exceptional not because we have more rich people here. We're special because dreams that are impossible anywhere else, come true here.

When I'm president, the Senate bill is not going to be what we're operating off of. It's going to begin by focusing on securing our border first and foremost. And until you do that, you're not going to be able to do anything else.

In politics, people throw around the word 'friend' so much it often has little real meaning. This is not one of those times, when I call Jeb Bush my friend, I mean he is someone I like, care for and respect. He and I have worked closely together for many years, on issues big and small. He is a passionate advocate for what he believes, and I welcome him to the race.

The reason why I'm here today is to explain why I am running and what I will do if you give me the honor and the privilege of representing you in the United States Senate. Now I'm running for the United State Senate for a simple reason, and that is...I want to win a Nobel Peace prize.