CNBC "Mad Money" host Jim Cramer says his bullish outlook for stocks during the last 18 months is over thanks to high oil and U.S. debt concerns.
"After 18 months of incredible bullishness, my world view has just become a lot more grim," says Cramer, according to CNBC.
Individual stocks can still go higher, yet the rally for the overall equities market is over thanks the damage high oil prices and U.S. debt issues will inflict on the market.
|Jim Cramer (Getty photo)
"Higher oil means higher costs for businesses in so many ways. It means a slowdown in new autos, as people associate not buying a new car, or switching to mass transit, with saving money and offsetting the increased cost of gasoline," Cramer says.
He says that mounting U.S. debt may prompt lenders to demand higher interest rates from Washington, which would also dampen economic activity.
Lawmakers have avoided a government shutdown by agreeing on $38 billion in spending cuts, and they now must address whether or not to raise the debt ceiling within coming weeks.
Republicans say they'll want concessions if they'll agree to raise the limit on how much the government can spend.
"My members won't vote to increase the debt limit unless we are taking serious steps in the right direction," House of Representatives Speaker John Boehner tells FoxNews.
White House press secretary Jay Carney says the ceiling must rise.
"It would be catastrophic folly not to raise the debt ceiling at a time when growth and job creation are moving forward and helping us pull ourselves out of this recession ... creating an economic environment that will allow us to address our deficit and debt issues," Carney says, according to Reuters.
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