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That's because, unlike many Republicans in the House, the fiscally conservative late president believed it was essential for the United States to make good on its all obligations and raise the debt ceiling.
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I find myself these days quoting Ronald Reagan," said Sen. Barbara Boxer (D-Calif.) at a news conference Wednesday. "'The full consequences of a default,' he said, 'or even the serious prospect of a 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.
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Members of the Congressional Progressive Caucus sent a letter to all the Republican members of the House to remind them of the Gipper's feelings as expressed in a 1983 letter to then-Senate Majority Leader Howard Baker (R-Tenn.) -- the same letter Boxer quoted.
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The Senate Democratic message shop took a sneakier approach, blasting out an e-mail headlined with a paraphrase of the famous Reaganism. "There they go again," it said. "GOP Lawmakers ignoring Reagan, still downplay consequences of a default."
link:
http://www.huffingtonpost.com/2011/07/20/ronald-reagan-liberal-hero-debt-default_n_904954.html