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NEW YORK ( TheStreet) -- Don't believe that we won't go over the deadline, Jim Cramer warned on "Mad Money" Tuesday. Cramer said the possibility of a debt default is still in the cards and it would be catastrophic if it actually happened.
The markets seemed to wake up today as ratings agency Fitch put U.S. debt on a credit watch, the first step towards lowering our nation's AAA credit rating. Yet, despite the warning, Cramer said some in Washington still believe that a default is not a big deal. The Senate gets it, he said, but the House is still acting like anarchists, defiling the legacy of a nation that even during the Revolutionary and Civil wars took great lengths to make sure that a promise by the U.S. was beyond reproach.
Isn't there another way for Congress to win? Cramer asked. He's not a fan of out-of-control government spending either, but surely there has to be another way to make a point and curb entitlements. "I'm astounded at the recklessness," Cramer continued, astounded that anyone would risk our nation's status as the bedrock for the global economy to make a point.That's why Cramer continued to urge caution as the next few days play out.