"Congress consistently brings the Government to the edge of default before facing its responsibility.  This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the Federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility — two things that set us apart from much of the world."

The present-day GOP likes to think of itself as the party of Ronald Reagan.  Don't kid yourself.  They've specifically rejected what Reagan is saying here.  The present-day GOP is ultra-rightwing radical.

Related: 53 percent of all Republicans — and 65 percent of Republicans who said they agree with the Tea Party — say no economic crisis would result if the debt ceiling weren’t raised by then. Among Democrats, 56 percent held the opposite view.