(RALEIGH) -- A former Republican North Carolina Governor says new revenue has to be part of the solution to the nation's mounting debt and the fiscal cliff.

Former Republican Governor Jim Holshouser says he's never proposed or voted for a tax increase, but under the circumstances:

"I always thought I was smarter enough to figure out a way to avoid a new tax, which is the reason I was able to do that. This time I don't see a way to avoid new revenues."

Holshouser says every American has to be willing to sacrifice to solve our nation's fiscal problems.