Fiscal Responsibility

Some Convincing Evidence for Rep. Yoho

Today, Rep. Ted Yoho (R-FL) said, “Somebody needs to convince me why we need to raise the debt ceiling.”

Ok, take your pick:

Former President Ronald Reagan: “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.” [letter Reagan wrote to then-Senate Majority Leader Howard Baker in 1983]

Nariman Behravesh, chief economist for IHS: “The financial ramifications [of not raising the U.S. borrowing limit and defaulting] would be horrific,” [Bloomberg, 10/9/13]

Michael Cembalest, global head of investment strategy at J.P. Morgan Asset Management: “A Federal debt default would rank as one of the more unprecedented economic and financial events in the country’s history.” [POLITICO, 10/9/13]

U.S. Chamber of Commerce: " Likewise, the U.S. Chamber respectfully urges the House of Representatives to raise the debt ceiling in a timely manner and thus eliminate any question of threat to the full faith and credit of the United States government.” [letter to Congress, 9/18/13]

National Association of Manufacturers: “United States must meet our financial obligations to ensure global investors’ continuing confidence in the nation’s creditworthiness.” [letter to Congress, 10/8/13]

Convinced now?