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The transcript, from September 26, 1987:

….Ronald Reagan: 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 veteran 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….

Heh. It ain’t Ronnie’s republican party anymore. The really insane people are in control.