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President Ronald Reagan and House Speaker Tip O'Neill. (credit: Reagan Library)

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President Ronald Reagan and House Speaker Tip O'Neill. (credit: Reagan Library)

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Young conservatives and tea partyers plan an event to observe the 32nd anniversary of the Economic Tax Recovery Act, signed by President Reagan on Aug. 13, 1981. (Ronald Reagan Library)

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** FILE ** President Reagan signs the Economic Tax Recovery Act on Aug. 13, 1981. (Ronald Reagan Library)

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** FILE ** The aircraft carrier USS Ronald Reagan (Associated Press)

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** FILE ** A spectator jumps up as President Reagan gives a thumbs up sign after his speech in front of the Brandenburg Gate in West Berlin, where he said "Mr. Gorbachev, tear down this wall." (Associated Press)

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Democratic strategists are citing President Reagan's speeches and letters to persuade Republicans to agree to a debt-ceiling increase. A conservative media analyst said Reagan was being taken out of context. (Ronald Reagan Presidential Foundation and Library)

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** FILE ** Republican candidate for President Ronald Reagan, left, and his running mate George H.W. Bush answer questions during a press conference Friday, July 26, 1980. (AP Photo/Wally Fong)

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**FILE** Britain's Prime Minister Margaret Thatcher smiles with satisfaction as President Ronald Reagan makes a farewell speech June 9, 1982, outside her Downing Street office in London prior to his departure for Bonn. (Associated Press)

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**FILE** Britain's Prime Minister Margaret Thatcher smiles with satisfaction as President Ronald Reagan makes a farewell speech June 9, 1982, outside her Downing Street office in London prior to his departure for Bonn. (Associated Press)

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** FILE ** A spectator jumps up as President Reagan gives a thumbs up sign after his speech in front of the Brandenburg Gate in West Berlin, where he said "Mr. Gorbachev, tear down this wall." (Associated Press)

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A class titled “Reagan 101” begins later this month at Eureka College, the late president’s Illinois alma mater, taught by Reagan historian Craig Shirley. (Courtesy of the Ronald Reagan Presidential Foundation and Library)

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** FILE ** “We must act today in order to preserve tomorrow,” President Reagan said during his first inaugural address, Jan. 20, 1981. (Associated Press)

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“We must act today in order to preserve tomorrow,” President Reagan said during his first inaugural address, Jan. 20, 1981. (Associated Press)

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** FILE ** “We must act today in order to preserve tomorrow,” President Reagan said during his first inaugural address, Jan. 20, 1981. (Associated Press)

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Ronald and Nancy Reagan helped design their 4,764-square-foot, four-bedroom, four-bath ranch house in the tony Pacific Palisades neighborhood in west Los Angeles. The house is for sale for $4,999,000. (Photo courtesy of Coldwell Banker)

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Ronald and Nancy Reagan helped design their 4,764-square-foot, four-bedroom, four-bath ranch house in the tony Pacific Palisades neighborhood in west Los Angeles. The house is for sale for $4,999,000. (Photo courtesy of Coldwell Banker)

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Ronald Reagan, attended by his wife, Nancy, is sworn in as the 40th president of the United States on Jan. 20, 1981, with a vow to ferret out waste and mismanagement in the federal government. (AP Photo)

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**FILE** Britain's Prime Minister Margaret Thatcher smiles with satisfaction as President Ronald Reagan makes a farewell speech June 9, 1982, outside her Downing Street office in London prior to his departure for Bonn. (Associated Press)

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**FILE** Britain's Prime Minister Margaret Thatcher smiles with satisfaction as President Ronald Reagan makes a farewell speech June 9, 1982, outside her Downing Street office in London prior to his departure for Bonn. (Associated Press)