Political Quotes

“The President issued a warning to Congress: The full consequences of a default by the United States--or even the prospect of a 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 President went on to warn of ``risks, the costs, the disruptions, and the incalculable damage'' of failing to avert such a default. This is not Barack Obama; this was Ronald Reagan in 1983. Four years later in 1987, Reagan again warned Congress about the impacts of a default on the economy. He said: 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 the financial markets, and the Federal deficit would soar. Yet three decades later, an alarming number of Republicans have denied or downplayed the seriousness of a first-ever default on the full faith and credit of the United States. To these default deniers, east is west, north is south, black is white, and right is wrong. Let's talk about what raising the debt actually means. It simply means we are going to pay our bills. It is not a vote to spend more money to authorize new programs or to buy new things. It is a vote to pay the bills.…”