By Craig Cheslog, on July 21st, 2011%
Here's another example showing that Ronald Reagan would be too liberal for today's Republican Party: he didn't think fooling around with a national debt default was responsible.
On November 16, 1983, President Reagan sent a letter to the Senate (link here to pdf) in which he warned:
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 in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one . . . → Read More: On Debt Ceiling, Ronald Reagan Too Liberal for Today’s Republicans
By Craig Cheslog, on July 16th, 2011%
Since 1960, the national debt has been permanently increased, temporarily extended, or had its definition revised 49 times under Republican presidents and 29 times under Democratic presidents.
Yes, you read that right.
And, of course, the national debt ceiling was increased under President George W. Bush because of his fiscally irresponsible tax cuts and his wars without any controversy among Congressional Republicans.
Interesting how nothing that happened before January 20, 2009 matters, . . . → Read More: National Debt Ceiling Fact
By Craig Cheslog, on July 15th, 2011%
This should get some politicians' attention: default on the national debt could lead to a loss of 10 percent of GDP in August.
Some Republicans may think the national debt ceiling debate has no real consequences. Alas, . . . → Read More: Debt Default Equals Recession
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