The Debt Ceiling Standoff Since 2011

Up until 2011, raising the debt ceiling was not really a big issue. It was it was sort of a pro forma opportunity for budget negotiations but nobody ever held it hostage. But in 2011 one party said we will not vote to raise the debt ceiling unless you give us policy demands. Those demands were $1 of spending cut for every dollar of debt. That's increased. And so that was the first time the US actually came pretty close to truly defaulting.