WICHITA, Kan. (KAKE) - Debt ceiling negotiations continue in Washington. President Biden says he is confident there will be an agreement on the budget, and the government will not default. But what happens if it does?

White House Economists say one impact could be jobs. And there could be an increase in unemployment numbers. Local experts we talked to are not worried. But Wichita residents are keeping an eye on things.

"And I’m in sales. So, definitely, when we're talking credit to credit terms when we're talking consumer spending, those are absolutely things that would have a huge impact on my profession,” said Chris McCarthy, a Wichita resident.

Chris McCarthy is one of the millions of people who could potentially be laid off if Congress doesn't come to an agreement on the debt ceiling. This week President Biden met with House Speaker Kevin McCarthy and Congressional Leaders. They call the meeting civil, but no deal was made.

"Right now President Biden and congressional leaders are having a game of chicken. To see who's going to budget first. In terms of getting a deal to raise the debt limit so we don't hit a default,” said Political Science Professor at Friends University Dr. Russell Arben Fox. 

So what does this mean for you and your wallet?

Unemployment numbers could go up. And the industries that could be impacted are financial services, hospitality, retail, and manufacturing among others.
If Congress takes longer, it could impact your 401k, and the stock market and mortgage rates could go up.

But Dr. Larry Straub of Newman University is not worried.

"If you look at the Dow Jones, industrial averages today, they're up over 300 points. They don't seem to be making too heavy weather of it,” said Straub. 

One Wichita resident sees it as nothing more than political games.

"As far as the national debt, it almost seems as if it's a political football, it's kicked back and forth for political points. I think they'll get it resolved, they seem to always do,” said Jack Kellogg.

As for McCarthy, he just wants to ensure, nothing will happen to him and his job.

"I'm confident that there will be a compromise because there always is. But it's always a bit harrowing when we're leading up to it and we're not getting the answers we need,” said McCarthy

The President cut short his trip to the G-7 Summit in anticipation of being available for final negotiations.