Congress has ten days to raise the country's borrowing limit so the United States can pay its bills. James Lewis said he and his friends are concerned about what will happen if Congress does not reach an agreement before the debt ceiling deadline is up.
"Our reputation in the world as the best country in the world, if we can't take care of our debt, then what the heck can we take care of?" Lewis said.
According to Eide Bally Financial Advisor Neil Graff, if officials reach a deal, you could see interest rates, mortgage rates and credit card rates spike. According to CNN, U.S. Treasury Secretary Jack Lew has criticized lawmakers for "playing with fire" by not raising the debt limit.
"We're going to a place we've never gone and it's very dangerous. We've never crossed this line so we're just speculating over what happens if the unthinkable happens," Lew said in an interview.
Graff remains positive.
"This is not a good thing to have happen, but it will not be a calamity," Graff said.
Graff said the U.S Treasury collects more than $250 billion in taxes every month and said that amount is enough to pay for essential government services, including Social Security, Medicare and Medicaid.
"I certainly would not recommend that clients head for the sidelines or bury their funds in the back yard," Graff said.
But Suzannah Spencer fears missing the debt ceiling deadline will cost the average American too much.
"The two sides should sit down and negotiate a compromise so we can fund the government and pay our debt and not affect the economy, which has been slowly improving and we don't need to move backwards," Spencer said.