Political Quotes

“I thank the distinguished gentleman from Texas for his observations and for his historical analysis, pointing out that raising the debt ceiling is something that has consistently occurred throughout the last century here in America. I want to enter into the Record a White House correspondence that reads, in part, as follows: This country now possesses the strongest credit in the world. 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 on the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. Mr. Speaker, this letter is dated November 16, 1983, and those words were written by then-President Ronald Reagan to Senate Majority Leader Howard Baker: The Nation can ill afford to allow such a result. Ronald Reagan raised the debt ceiling 18 times during his two terms; and yet our good friends on the other side of the aisle want to come here and lecture President Obama as if he is being irresponsible, when the paragon of conservative Presidential leadership recognized the necessity on 18 occasions--and as memorialized in this correspondence-- of raising the debt ceiling. The White House, Washington, DC, November 16, 1983. Hon. Howard H. Baker, Jr., Majority Leader, U.S. Senate, Washington, DC.…”