Cross Posted at Legal Schnauzer
Who would side with Democrats in the ongoing debate about the debt ceiling? Well, the No. 1 Republican icon himself, Ronald Reagan.
Democrats have unearthed audio from a Reagan radio address on September 26, 1987, in which he addresses a possible default on the government's financial obligations. Here is a key segment:
Congress consistently brings the Government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, 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.
The Web site politicususa.com provides insight on Reagan and what has become of the party that frequently invokes his name:
It is not a surprise that Ronald Reagan held a similar position as today's Democrats on the debt ceiling issue. After all, this is a president that raised taxes 11 times during his time in the White House. Trickle down economics depended on deficit spending in order to both be able to cut taxes and increase spending. If Ronald Reagan was alive today, he would be hated by the tea party.
Michele Bachmann and her tea party caucus love to invoke Reagan, but they would have despised him for his willingness to raise the debt ceiling.