Here's another example showing that Ronald Reagan would be too liberal for today's Republican Party: he didn't think fooling around with a national debt default was responsible.

On November 16, 1983, President Reagan sent a letter to the Senate (link here to pdf) in which he warned:

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 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.

The Nation can ill afford to allow such a result. Indeed.

That wasn't the only time President Reagan issued such a warning. On September 26, 1987, Reagan made a similar argument in his weekly national radio address:

Unfortunately, Congress consistently brings the Government to the edge of default before facing its responsibility. 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 financial markets, and the Federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility — two things that set us apart from much of the world.

That's also pretty clear. And could be said, word for word, today.

Rachel Maddow did an excellent segment on this subject. It's well worth your time to watch.

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