On the recordSeptember 26, 2013
On September 26, 1987, 26 years ago this very day, President Reagan faced a Congress playing politics with the Nation's debt ceiling. Knowing the catastrophic consequences a default would have on America's economy, President Reagan addressed the Nation. Speaking from the Oval Office he said: Congress consistently brings the government to the edge of default before facing its responsibility. He warned: 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. The United States has a special responsibility to itself and the world to meet its obligations. That was a pretty stern warning. While spoken more than a quarter of a century ago, President Reagan's words, sadly, still ring true today. I hope my colleagues listen to those words of reason. I hope my colleagues in the House of Representatives heed the warning from President Reagan about using the debt ceiling for brinkmanship. As we know, the Federal Government hits its debt limit on May 19. For the past 130 days, the Treasury Secretary has been using what are known as extraordinary measures to continue funding the government. We are running, therefore, on borrowed time. But those extraordinary measures will be used up by October 17. At that point we will have exhausted every measure.…
