The President is trying to raise the debt ceiling, as the U.S. government nears its debt limit.
If the U.S. defaults on its debt, some may ask what they can do to prepare. The short answer is there's not too much they can do.
University of Nevada, Reno Economics Professor, Mark Pingle, doesn't anticipate a default to happen.
However, if it did and if the government was forced to make budget cuts to federally funded programs with the debt limit, Pingle predicts they will look towards Military, Social Security, and Medicaid.
"Those three are big ticket items where they could save a lot of money if they needed to," Pingle said. "My guess is also any program at the school district or here at the university that was going to receive money pretty soon probably wouldn't."
Pingle also recommends for people to keep an eye on the stock market, as a potential default could tank the market.
He said if you're not prepared to take a big hit, to possibly adjust some of your investments with your financial advisor.
He also said that most people should not be worried with banks, if the FDIC covers the money they have in there-, which is up to $250,000.
However, with the potential default, he says there's not much people can do.
"I would recommend to people to not get too worried, but you can always adapt."
Pingle does anticipate some sort of agreement to happen as he said no one wants a default on their political resume.
