Reagan on the Debt Ceiling
Via WaPo (back in May): Dire warnings on debt limit hark back to Reagan
In a November 1983 letter to then-Senate Majority Leader Howard H. Baker Jr. (R-Tenn.), Reagan warned that without a higher debt ceiling, the country could be forced to default for the first time in its history.
Reagan wrote: “The full consequences of a default – or even the serious prospect of default – by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar.”
While certainly the fact that Reagan said such things doesn’t make it so (i.e., I am not making an appeal to authority here), but it is still interesting to note what he had to say on the subject given the position that many in his party are currently taking on this topic (especially given the degree to which they venerate Reagan).
h/t: Steve Benen