I agree with Ronald Reagan. In the middle of his Presidency, it became necessary to increase the debt limit, the amount beyond which the nation could not borrow to meet its obligations.
In his message to Congress requesting the increase he noted that the effect of his country”s not being able to meet its obligations would be intolerable. The downgrading of the country”s reputation, image and world position was simply not to be tolerated and raising the limit was something to be done because the country needed it. Period.
The raising of the limit was not a bargaining chip and was outside the bargaining process, partisan politics and ideology.
I think he was right. As in his time, the need to borrow because the country”s income is insufficient and is deplorable. But we, as a country, have gotten to the point where it must be done and the use of the debt-limit as a hostage is simply unacceptable.
Guthrie Worth
Lakeport
