The article lost me on the first sentence.
Not raising the debt ceiling does not equal default.
Even with the Dems wanting default the next interest payment isn’t due until 15 Nov. and IT WOULD BE PAID WITH TREASURY RECEIPTS, no action by politicians required.
Equating not going into more debt to = defaulting on debt IS A HUGE PROPAGANDA WIN FOR DEMS.
The only ‘default’ is the GOP leadership’s inability to have a spine. Polls and public opinion rule the land even if it means choosing to do the wrong thing because the public cannot think for themselves.
It wasn’t the interest that is the issue. It was the $62 billion in principal due 10/31. CITI and other banks were starting to not accept 10/31 dated paper for repo collateral.