Political Quotes

“That is correct. And I would say to the Senator from Ohio that when you look back in history, since 1939 when we had this debt ceiling, President after President has extended the debt ceiling because the cost of government--the debt of the United States--has generally gone up in most administrations. The record holder for extending the debt ceiling in U.S. history since 1939: President Ronald Reagan, on 18 different occasions during an 8-year period of time, extended the debt ceiling. During his administration, we tripled our national debt, and so we needed to keep borrowing. So to say this debt ceiling extension is the product of a Democratic President is to misstate the case. Every President has faced it. Ronald Reagan asked for those debt ceiling extensions more than any other President. When it comes to incurring debt in 8 years in office, Ronald Reagan has the record for tripling the national debt, and coming in second is George W. Bush for doubling the national debt while he was in office and asking on seven different occasions to extend the debt ceiling. The point I am making is that President Obama has asked to extend the debt ceiling, and there is ample history--some 89 different times--that it has been done, and it is done to pay for obligations we have already made, debts we have already incurred. Now what happens if we don't extend the debt ceiling?…”