If the US misses the debt ceiling deadline of October 17 and stops paying its creditors, it would be the first major Western government to do so since Nazi Germany under Hitler in 1933, which wasn't able to pay its debts following World War I.
The US has a bank holiday Monday in honor of Columbus Day; however, after making little headway on solving the budget gap, both the Senate and the House held sessions on Monday.
For Republicans, Obamacare has been a major stumbling block in agreeing to raise the debt ceiling, as they see the legislation as antithetical to their "small government' philosophy.
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