To understand why a default is completely out of the question, please see Silly Worry of the Day: US Will Default; Politics of the Debate
As far as Republican strategy goes, I am in favor of shutting down the government unless there are significant budget cuts. Unfortunately, that will not happen. Republicans will cave in once heat from Wall Street begins.
Mike "Mish" Shedlock
(An important interview) Saving the Net from the surveillance state (And Crony Media): Glenn Greenwald speaks up (Q&A) | Nick Sorrentino