In 2011, Republicans demanded major budget cuts before they authorized a hike in the federal debt ceiling, a fight that contributed to a U.S. credit rating downgrade.

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Each time the economy stumbled Congress remained gridlocked by political ideology, unable to act on even routine bills like extending the debt ceiling (so the bills covering spending Congress itself had previously authorized and spent could be paid).

FORBES: Markets Can Handle Anything, Even A Sequester

The only reason we need to lift the debt ceiling, after all, is to pay for spending that Congress has already authorized.

FORBES: Abolish the Debt Ceiling