Ronald Reagan knew what a failure to extend the credit limit could do to this nation and he spoke out clearly!
by Charlie Leck
In 1987, when President Ronald Reagan faced down a congress that threatened not to extend our national credit limit, the great communicator spoke with certainness when he told the nation the following:
“…this brinksmanship threatens the holders of government bonds, and those who rely on social security and veterans benefits. Interest rates would sky rocket, instability would occur in financial markets and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well earned reputation for reliability and credibility – two things that set us apart from much of the world.”
Watch the following MSNBC Lawrence O’Donnell interview of Bruce Bartlett about this subject. You’ll also hear Rachel Maddow read a section from Reagan’s diaries (it’s good stuff). As she tells us, Reagan raised the debt ceiling 18 times while he was President.
Every person in America should be outraged at what Tea Party Republicans are proposing to do to this nation. And, every person should be communicating their anger to their Representatives and Senators.
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