Stocks will have to plummet like in 2008 for the GOP to raise the debt ceiling, House Democrat says

• Stocks have to crash for the GOP to raise the debt limit without conditions, Rep. Jim Himes said.
• The key House Democrat drew a parallel to 2008, when Congress was debating the bank bailout.
• The Dow sank 7% after lawmakers initially sank the bill, but they passed it four days later.

Stocks may have to crash if Congress is to resolve the debt ceiling crisis, Rep. Jim Himes, D-Conn., said.

In an interview with The Hill TV, the former Goldman Sachs vice president and current member of the House Financial Services Committee warned that Congressional Republicans are too fixated on pursuing spending cuts, and only a market tumble will break the stalemate with their Democratic peers.