When discussing the deficit Republicants and Teabaggers should remember this speech.

[TheBigotBasher]

My fellow Americans:

There's good news. The Federal deficit for this year is expected to drop by some 30 percent compared to last year. That could be a whopping $65 billion reduction, and it happened without a tax increase. There's also some disappointing news. The Congress, once again, has passed a bill that puts me in the position of accepting legislation with which I fundamentally disagree.

The bill would continue the authority of the United States Government to borrow funds which we must do to avoid the default on our obligations. This legislation also includes a so-called fix of the Gramm-Rudman-Hollings deficit reduction law, but it really is an attempt to force me eventually either to sign a tax bill or to accept massive cuts in national defense, or both. I would have no problem with signing an extension of the debt limit. But the choice is for the United States to default on its debts for the first time in our 200-year history, or to accept a bill that has been cluttered up. This is yet another example of Congress trying to force my hand, and it's one more reason why the President needs the lineitem veto to separate the good from the bad.

Unfortunately, Congress consistently brings the Government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the Federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility—two things that set us apart from much of the world.

President Ronald Ray Gun when he got away from his terrorism, senility and kiddie fiddling parties.



Read more at the American Presidency Project: www.presidency.ucsb.edu http://www.presidency.ucsb.edu/ws/index.php?pid=33459&st=debt+ceiling&st1=#ixzz1TLWkXtyP

[gateley]

1. They should, but they won't. They don't care. That was then, this is now,

and there's a Black guy in the WH.

[midnight]

2. I know about the terrorism, and senility, but what about the kiddie fiddling parties?

[AtomicKitten]

3. The GOP are impervious to shame when their hypocrisy is exposed.

[wizstars]

4. F*CK RONALD RAY-GUN!

...and the horse he rode in on!!