President Reagan needed the debt ceiling raised. The Obama administration is circulating Reagan’s reasoned argument in favor of a debt ceiling hike. From the pen of the role model for all republicans:
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.
How soon until someone whack job alleges this letter was forged.