Reagan's statement on the debt ceiling was not a one-time event. Here are the contents of a letter he wrote in 1983 to Senate Majority Leader Howard Baker:
This country now possesses the strongest credit in the world. 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 on the value of the dollar in exchange markets. The nation can ill afford to allow such a result.
What are we facing in 2011? We have a Republican Party that has become so dysfunctional that it is way to the right of Ronald Reagan. In fact, the modern-day GOP is so far out there that Reagan probably would not recognize his own party. Writes politicususa:
Once again the right wing myth of Ronald Reagan does not match up with his actual record. Besides raising taxes, Reagan tripled the deficit and granted amnesty to 3 million undocumented immigrants and their families.
Ronald Reagan's position on the debt ceiling illustrates how far right the Republican Party has drifted. In his day, Reagan was considered a far right conservative. Today, Ronald Reagan would be viewed as a moderate Republican or a very conservative Democrat.
Here is audio from the Reagan radio address:
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