"One wonders that there can be found a man courageous enough to occupy the post. It is a matter of meditation. Having given it a few minutes I come to the conclusion in the serenity of my heart and the peace of my conscience that he must be either an extreme megalomaniac or an utterly unconscious being."

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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. The risks, the cost, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.

— Ronald Reagan