http://mises.org/daily/1423
In the spring of 1981, conservative Republicans in the House of
Representatives cried. They cried because, in the first flush of the
Reagan Revolution that was supposed to bring drastic cuts in taxes and
government spending, as well as a balanced budget, they were being asked
by the White House and their own leadership to vote for an increase in
the statutory limit on the federal public debt, which was then scraping
the legal ceiling of $1 trillion. They cried because all of their lives
they had voted against an increase in public debt, and now they were
being asked, by their own party and their own movement, to violate their
lifelong principles. The White House and its leadership assured them
that this breach in principle would be their last: that it was necessary
for one last increase in the debt limit to give President Reagan a
chance to bring about a balanced budget and to begin to reduce the debt.
Many of these Republicans tearfully announced that they were taking
this fateful step because they deeply trusted their president, who would
not let them down.
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