Raising the Debt Ceiling - What Would Ronald Reagan Do?
Well, I’ll tell you…
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. The risks, the costs, the disruptions and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.
Here’s a link to the PDF of the Letter Reagan wrote on the subject.