Monday, May 16, 2011

Ronald Reagan On Raising the Debt Limit

Political Animal - WWRD (What Would Reagan Do) on the debt limit: "If they’re not willing to listen to economists, American business leaders, the financial industry, the Federal Reserve, and the Treasury Department, maybe they’ll listen to Reagan, who decried policymakers who would “bring the government to the edge of default before facing [their] responsibility. This brinksmanship 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.”"

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