Burton commits Labour to stay in Government
The Social Protection Minister also says "the limits of austerity have been reached".
Ms Burton says "too many people are still hurting" as she announced her bid to become leader of the Labour Party.
Ms Burton says a lack of growth is the biggest threat to the country.
She says there needs to be a reduction of the country's debt and she is well placed to negotiate it.
"You asked will we stay in Government. The answer is 'Yes'," she says.
Ms Burton said she feels the next two budgets can deliver for people.
"I do not see why we cannot make sufficient progress in the next two budget" she says.
Ms Burton has rejected suggestions she has been canvassing for the Labour Party leadership against Eamon Gilmore for the past three years.
"He has had my full support," she said.
Declared: Joan Burton, backed by Ann Phelan, Eamonn Moloney, and Labour Senators Ivana Bacik and Susan O'Keeffe.
Joan Burton's statement was released in full at Leinster House
Labour Cllrs Andrew Montague, Jane Horgan-Jones, Mary Freehill have also backed Ms Burton.
Outside Leinster House, Burton said Hillary Clinton is older than her and is running for President of US
She joked "but being President of the United States is easier than being leader of the Labour Party.