This country now possesses the strongest credit in the world. 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. [...] 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. I want to thank you for your immediate attention to this urgent problem and for your assistance in passing an extension of the debt ceiling.According to an article by Jed Lewison at Daily Kos:
As Reagan said, "Congress consistently brings the government to the edge of default before facing its responsibility." He slammed the "this brinksmanship" because "it threatens the holders of government bonds and those who rely on Social Security and veterans benefits," adding that it threatened to raise interest rates and explode the deficit.