SPRINGFIELD, Mass. (WWLP) – A lack of agreement between House Republicans and President Biden is bringing us closer to a first-ever default on the U.S. debt.

Local political experts tell 22News what a default could mean for the average American, and that we are in uncharted waters if a default were to happen. U.S. Congressman Richard Neal also weighing in, saying he believes both parties will strike an agreement.

“I think that it’s unconscionable to even think for one moment that we could contemplate forgoing America’s debt obligations,” says Neal. A meeting between President Biden and congressional leaders is set for May 9, as the count down is on to the June 1 national debt deadline.

Congressman Neal adding, “During President Trump administration, we voted as Democrats to raise the debt ceiling three times, I think we will strike an agreement of some sort.”

The White House, reporting that if the government’s legal borrowing limit of $31.4 trillion is not raised, a “protracted default” could result in the loss of eight million jobs, and a major cut to the stock market by 45 percent.

Local political consultant, Anthony Cignoli tells 22News, “What people should be aware of, is that if this doesn’t get done, it’s going to be a massive economic hit; Money is going to become much more expensive to borrow, there will be impacts across the world.”

The White House, also reporting that the default would cause interest rates to skyrocket, as well as treasury bonds, mortgages, and credit card interest rates.

“Everyone is assuming that both side will realize how horrific this would be not just for the United States Economy, and the people of the United States, and literally the world, but they would understand how detrimental it would be on their own political longevity,” Cignoli adds.

The White House will be meeting with congressional leaders to discuss the debt limit on Tuesday, May 9.