"The cause of the great War of the Rebellion against the United States will have to be attributed to slavery. For some years before the war began it was a trite saying among some politicians that "A state half slave and half free cannot exist." All must become slave or all free, or the state will go down. I took no part myself in any such view of the case at the time, but since the war is over, reviewing the whole question, I have come to the conclusion that the saying is quite true."

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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