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As NewsBusters previously reported , Chris Matthews on Wednesday lied about Ronald Reagan's position on taxes in a segment insinuating the late President would oppose the current Republican stance on the debt ceiling. When Salon editor Joan Walsh said Obama “is actually the Reagan figure here,” former RNC chairman Michael Steele bust out laughing (video follows with transcript and commentary): JOAN WALSH, SALON: Well, right. Well, Reagan was very much a conservative, and I didn't agree with him on much, but he was a pragmatist and a compromiser. And the fact of the matter is, Chris, I heard my friend Michael talk about the Constitution and the Tea Party likes to talk about the Constitution and the Founders, but the fact is the Founders didn't agree on very much at all. MICHAEL STEELE: Right. WALSH: The Founders argued about a lot of things, and they created a system in which we had to talk to one another and had to compromise. This President, President Obama, who I don't always agree with either, is actually the Reagan figure here. STEELE: [Laughs] WALSH: He is the person saying… CHRIS MATTHEWS, HOST: Why are you laughing? WALSH: …you know what, I'm going to disappoint some folks. STEELE: Okay. [Continues laughing] WALSH: Please don't laugh at me, Michael. I didn't laugh at you. MATTHEWS: Why are you laughing, Michael? STEELE: When you say something funny, I’m going to laugh. MATTHEWS: Why’s it funny? WALSH: Why’s it funny? STEELE: Because he should have listened to that Reagan speech in, when he was a U.S. Senator, and voted against raising the debt limit. I mean… WALSH: Yeah. STEELE: …this is the fact here. The fact of the matter is, you know, it’s great for the DNC and the Democrats on the Hill to run around and quote Reagan and all of a sudden to find their Reagan mojo. The reality of it is it’s not believable because they’re not consistent in applying those very principles that Reagan talked about in, in particularly economically in how we deal with this problem. So, don’t, you know, cry me a river about, about Reagan. The reality of it is the President of the United States currently, Obama, did not listen to those very words when he had an opportunity as a U.S. Senator to vote… WALSH: You know what? Now look… STEELE: …to increase that debt. When you think about it, it really is hysterical watching all of these Reagan-hating media members constantly comparing their beloved Obama to a president they had nothing but scorn for when he was in office. It just goes to show how far such folks are willing to stoop to get the current White House resident reelected. They'll even compare him to someone they personally loathed hoping that some Americans who loved our 40th president will like the 44th version more. Most disturbing is we've still got almost sixteen months left of this chicanery. Makes you shudder at the journalistic dishonesty awaiting us. Readers are advised to review Scott Whitlock's ” Chris Matthews Lies About Ronald Reagan as Way to Smear 'Terrorist' Republicans . ”