In "Cabinet Meeting" what is it talking about?

In the song, Hamilton, who was Secretary of the Treasury, argues passionately in favor of the federal government that assume state debts. He believes this is necessary to establish the country's creditworthiness and to strengt the federal government's authority. Hamilton's position is rooted in his belief in a strong federal government and a national bank. On the other hand, Thomas Jefferson, who served as Secretary of State, vehemently opposes this idea. He argues for states' rights and believes that assuming state debts would unfairly benefit northern states at the expense of southern states. Jefferson also criticizes Hamilton's financial plans, claiming they favor the wealthy elite.