<blockquote>“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 the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.”<ref>"Ronald Reagan on Raising the Debt Ceiling." May 17, 2011. http://www.thepresidentialcandidates.us/ronald-reagan-on-raising-the-debt-ceiling/1520/</ref></blockquote>
==Ronald Reagan=
The first major debt was run under Reagan. A substantial part of this was due to heavy military spending and majot major tax cuts which crippled local governments.
==References==
7. Steve McGourty [http://home.cedarcomm.com/~stevelm1/usdebt.htm]|United States National Debt (1938 to Present)May 6, 2007