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The Nation : Reagan Urges Debt Action

July 22, 1987

President Reagan urged speedy passage of legislation to increase the national debt limit and warned Republican congressional leaders that too much delay could push the government into default. The Treasury has been without borrowing authority since 12:01 a.m. Saturday, when the statutory limit on the national debt dropped from $2.32 trillion to $2.1 trillion. Because the government owes more than the limit, no new borrowing is allowed. White House spokesman Marlin Fitzwater said Reagan told the lawmakers he did not want the debt bill cluttered with amendments making changes in the budget process, for fear delay could turn the temporary credit crunch into a catastrophe.

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