Modbert
Daydream Believer
- Sep 2, 2008
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Dems: Reagan was right about debt limit - TheHill.com
Thoughts USMB? For those who think President Obama is fear mongering on this issue, do you believe President Reagan was in 1987 as well?
The former president, a paragon of fiscal responsibility to many conservatives, raised the debt ceiling 17 times during his presidency.
The figure hasnt been lost on Democratic leaders, who at their weekly caucus meeting Tuesday played a video of a 1987 radio address in which Reagan urged Congress to quit playing politics and hike the debt limit.
Congress consistently brings the government to the edge of default before facing its responsibility, Reagan said. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veteran benefits.
Reagan also warned what effect congressional inaction would have on the global economy.
Interest rates would skyrocket, instability would occur in financial markets and the federal deficit would soar, Reagan cautioned. 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.
Thoughts USMB? For those who think President Obama is fear mongering on this issue, do you believe President Reagan was in 1987 as well?