Describe what Republicans & Democrats are thinking re a potential 03 Nov default?

  • Republicans don't want to raise debt ceiling, i.e. they want smaller and not bigger government.
  • So they are proposing prioritising payment of some (but not all) obligations (i.e. debt service, military and some welfare), or a raising of the debt ceiling in exchange for a reduction in social spending (Medicare, food stamps, social security).
  • The Democrats simply want the debt ceiling raised.

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