“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. The risks, the cost, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.”

—  Ronald Reagan

Letter to Majority Leader Howard Baker http://cpc.grijalva.house.gov/uploads/CPC_Reagan_Letter.pdf, urging an increase in public debt ceiling (16 November 1983) <br class="br">1980s, First term of office (1981–1985)

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Ronald Reagan264
American politician, 40th president of the United States (i… 1911–2004

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