The Republican Party used the debt ceiling to extract concessions from President Obama. The debt ceiling has nothing to do with additional spending; it covers spending already approved by Congress. The USA suffered its first ever credit downgrade because of the GOP threat to not increase the debt ceiling. The stock market plunged losing billions of dollars in a matter of days because a minority party used the debt ceiling for blackmail. The USA will pay higher interests rates because of the credit downgrade. The message to the world was the USA didn't want to pay the bills. The debt ceiling was raised over and over again under many presidents, but the Republican Party has threatened economic disaster again if President Obama does not meet their demands. End the debt ceiling now.
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