"You have never in the history of the United States seen the threat of not raising the debt ceiling to extort a president or a governing party." -- President Barack Obama, Sept. 18, at the Business RoundtableObama's statement is sorta like saying fish are always found in the water -- it's mostly true and helpful without being literally true. (Some fish live most of their lives on the land.)
In this case, the problem with Obama's statement is a past Congress has demanded concessions from a past president--and the president gave in. A little bit.
It gets lost a bit in the shadow of the much more serious budget showdown of '95, but there was also a debt ceiling showdown in '96. You had the same ingredients--blustery ultimatums and calls for drastic government cuts.
But ultimately, the Republicans were bought pretty cheap. In March of 1996 a debt ceiling hike was passed, which included two items from the Contract for America, including the Congressional Review Act, which made it a tad easier for Congress to strike down executive branch regulations. (You can read more about this here.)
You could argue that the latter part was just some window dressing to make the Republicans' capitulation, after their threats, taste better going down.

