Reagan Or Obama On The Budget?

The left wing pundits have been tossing President Reagan’s name around a lot lately during the debt talks. CPC Chairmen Raul Grijalva (D-Ariz.) and Keith Ellison (D-Minn.), as well as Rep. Mike Honda (D-Calif.), who heads the CPC budget taskforce put together a letter from the Reagan era that demonstrates Reagan’s desire to raise the debt ceiling. In 1983 Reagan wrote a letter to Howard Baker urging the Congress to raise the debt limit. During his presidency they raised the limit 17 times. “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,” Reagan added. “The nation can ill afford to allow such a result.” Here is a video from Right Change that compares Reaganomics to Obamanomics.