Reagan raised the debt ceiling. Rush did not say why Reagan agreed to raise the debt ceiling, he just read this:
The Democrats quoted a Reagan ...."September '87 radio address in which the former president called on Congress to rate the debt ceiling, warning that the US has 'a special responsibility to itself and the world to meet its obligations'."
But he doesn't give any more details on why Reagan raised the debt ceiling. But what he does do is talk abut the '67 and '79 debt ceiling raises from Democrats:
We're working on the next issue of the Limbaugh Letter, and she found a couple of fascinating things. We're putting together a timeline, which is one of our monthly features.
We're doing a timeline on the history of the debt limit in this country. Now, last week and many days prior, I've called your attention to the Democrat Party Playbook, the Leftist Playbook about how class envy and certain elements. Like when Obama came out and said, "Social Security checks and checks for veterans, I can't guarantee they're gonna go out." That's the playbook. When Debbie "Blabbermouth" Schultz goes out and slimes Allen West on the floor of the House, that's the Democrat playbook. Here's a congressman from south Florida who is a prince of a man, and she accuses him of wanting to balance the budget on the backs of seasoned citizens and basically sending them off to their deaths by denying them Medicare and Social Security.
None of it's true, of course. It's just absolutely appalling but it's from the playbook. But I have these two things had to show you what a game we are in the middle of, to show you how we are being played, to show you how Washington -- both parties, both sides never, ever change. Although I really don't want to lump the Republicans into this like that because we now have circumstances which are unique and separate from any previous debate on this subject, because what's hanging in the balance is the country, and it's not an overstatement to say that. This is the New York Times news service, January 30, 1967:
LBJ's "Secretary of the Treasury Henry H. Fowler told Congress today that the government would be unable to pay all its bill if the ceiling on the national debt was not lifted within 30 days. Fowler ran into Republican hostility in day-long testimony before the House Ways and Means Committee... Fowler asked that the ceiling be raised by $7 billion to $337 billion to cover the period until June 30. Further legislation covering the period after June 30 will be needed later he said. Fowler said that payments for such things as old age benefits, veterans pensions, public assistance benefits, tax refunds, and the salaries of government workers would be threatened if the ceiling were not raised."
I am reading to you from the New York Times 1967. It is identical other than the numbers to what we are being told today. "Fowler said unless the debt limit is increased by the end of February at which time our outstanding obligations would exceed that which we could legally borrow the possibility of an economic and monetary derangement will be a reality." This is 1967 and they were threatening default. In 1967 the Democrats told us it was a crisis. They created chaos. The Democrat handbook can be traced all the way back to 1967, LBJ's Treasury secretary. I have another example. Jimmy Carter's Treasury secretary, April 3rd, 1979: "The US House of Representatives passed legislation yesterday that extended the debt ceiling. It came after the House rejected a Republican-led attempt to tack on a strong amendment calling for a balanced federal budget."
Are you hearing this? 1979.
"The US House of Representatives passed legislation yesterday extending the debt ceiling ... came after the House rejected a Republican-led attempt to tack on a strong amendment calling for a balanced federal budget. The House vote came after Carter Treasury Secretary Michael Blumenthal claimed in a letter that the Treasury was on the verge of a default and that retired persons would be hit first. 'About $8 billion in Social Security checks already had been mailed to 35 million Americans,' Blumenthal said, 'and there would be no funds to cover them if the House failed to act.' In addition, he said that the Treasury would not be able to pay civil service retirement benefits, veterans' benefits, railroad retirements benefits. Blumenthal last week ordered that no further income tax refund checks be mailed until the House acted."
Ladies and gentlemen, we are being paid for the biggest saps on the face of the earth. We are being insulted and treated like the biggest dolts. This is the way the Democrat Party has been doing things since at least '67.
BREAK TRANSCRIPT
RUSH: I'm struck. You know these things instinctively. You know, you've heard it all before: The debt ceiling? "Social Security checks will be the first thing to not go out, followed by veterans." You read the New York Times from 1967, and it's (aside from the numbers) word for word what's being said today. Even as recently as 1979. Plug in the Republican demand for a balanced budget amendment. One big difference between 1979 and today is a lot of the conservative media is opposed to a balanced budget amendment. Back in '79 it wasn't; it was pretty much unified, conservative media, conservative movement.
Now it's been fractured all over the place out there, but it's just striking. It hits you upside the head, a cold ice shower. You realize what suckers they think we are. You realize the patterns -- the playbooks, the tactics, the scare tactics, the fearmongering, crisis mongering, all of this -- are written down. It's taught. This is not instinctive. This stuff, I guess, is what these people learn at Harvard and Yale and the Kennedy School of Government, wherever else they go to get educated or how they're mentored. Not one shred of difference. The difference now is that we've reached a point of real crisis. All these years in the past where we said, "Okay, we'll kick the can down the road. We'll deal with it later." We've gotten to the point we're running out of road. We really are. This is different.
Now, no matter what happens here, the country is not going to collapse tomorrow, but if this current regime gets four more years, all bets are off.
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