Charles Koch says spending by Republicans, Democrats 'heading us for a financial cliff'

Billionaire Charles Koch decried "wasteful, irresponsible spending that’s heading us for a financial cliff" by both political parties in an exclusive interview with Fox News' Megyn Kelly Thursday night.

Koch, the chairman and CEO of Koch Industries, is one of the GOP's most prominent supporters, which has opened him up to repeated attacks by Democrats who accuse him and his brother David of unduly influencing the political system with their money.

"The reason we tend to support Republicans is they’re taking us toward the cliff at only 70 miles per hour," Koch said, "and the Democrats are taking us 100 miles per hour."

Koch told Kelly that he had not endorsed a candidate in the 2016 presidential race, saying "I don’t have a guy. I have these principles of what I’m trying to accomplish, and what we need to me is a candidate that will help change the trajectory of the country."

The billionaire added that he planned to donate approximately $300 million dollars on the presidential race and other campaigns in this election cycle.

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    Koch described his political philosophy as that of a "classical liberal", which he defined as "is someone who wants a society that maximizes peace, stability, tolerance and well-being for everyone." He also described his differences with Democratic presidential front-runner Hillary Clinton.

    "My main difference with her is the vision of what kind of society will make people’s lives better. So [Clinton's] is a vision of society where people are too evil or stupid to run their own lives, but those in power are perfectly capable of running everybody else’s lives because they’re so much smarter. It’s what [philosopher and economist Friedrich] Hayek called the fatal conceit or what William Easterly called the tyranny of experts because that’s what it is. It’s tyranny."