Common sense suggests that that spending be cut and taxes be increased. But so mired in their dislike for the other party are they that Congress cannot come to an agreement. From here, it looks as if it's the Republicans who are being more recalcitrant, refusing point blank to raise taxes.
If the debt ceiling isn't raised, the Federal Government won't default on the debt. What it
will do is stop paying salaries of government departments. Maybe, to concentrate their minds, they could start with salaries and expenses for Congressmen and Senators.
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