Dems Reject GOP ‘Ransom Note’ as Treasury Warns Debt Limit Hike Only Solution to Avoid US Default

In August 2011, the US came within hours of defaulting on its debt before lawmakers agreed to a temporary deal to raise the debt ceiling. Despite the 11th-hour solution, S&P still downgraded the US’ credit rating – and despite the problems it created, Republicans have continued to use the perennial situation as a bludgeon against their rivals.

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