Even if lawmakers can cut a debt ceiling deal, Jim Cramer says it's too early to get bullish

CNBC's Jim Cramer told investors on Thursday it was too early to get bullish on this market, even if lawmakers can cut a debt ceiling deal.

"I keep recommending you maintain a high cash position, even if the Democrats and Republicans cut a deal, because last time it was the gut punch of the S&P downgrade a few days later that really crushed us," he said, referring to Standard & Poor's sharp drop after 2011's debt ceiling deal.

Cramer stressed that even though a deal was eventually reached in 2011, the market still suffered.

"That's why I keep recommending you maintain a high cash position, even if the Democrats and Republicans cut a deal, because last time it was the gut punch of the S&P downgrade a few days later that really crushed us."

And so far, according to Cramer, this year's debt ceiling debacle is running parallel to that of 2011, making the S&P's past downgrade especially prescient.

"So, knowing what we know about 2011, it's premature to get bullish on this market," Cramer said. "Best to keep the cash on the sidelines and waiting."

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