APPLETON - Economic experts say a federal government default could have wide reaching effects, and that includes here in Northeast Wisconsin.
If Congress does not raise the debt limit, the U.S. cannot pay what it owes.
UW-Oshkosh Economics Professor Kevin McGee told FOX 11 that would render the country, essentially bankrupt.
"It would be absolutely stupid for them to do that," said McGee.
McGee told us a default would be devastating for the economy.
"It's going to create another recession. It's going to significantly impact the credit-worthiness of the United States," McGee explained.
According to McGee federal government programs could also take a hit.
"People who receive social security checks, they may or may not get their full check, they may not get their social security checks on time. People who are on Medicare may or may not have their doctors paid," McGee explained.
Mark Scheffler with Appleton Group Wealth Management LLC told FOX 11 besides entitlements, we could see an immediate impact on what we buy and our investments.
"Prices of gas, prices of homes, prices of stocks, prices of bonds, everything would fall," Scheffler explained.
Meaning less money for businesses to pay their own debts and possibly, less money in your portfolio.
Scheffler told us when it comes to things like your 401-k, however, you should be prepared for a bump in the road.
"If you're not ready for this type of event that can happen from time to time and if you haven't thought about what your plan is going to be, it's too late. People should be thinking about this all the time," said Scheffler.
But Scheffler said he believes a default is unlikely to happen and if it did, it probably wouldn't last long, meaning the economy would be able to bounce back.
"I think it it's a couple of days thing it would rebound instantly," said Scheffler.
Firefighters are battling a house fire in Kewaunee County.
Wind, snow, cold and ice played a role as firefighters battled a fire in downtown Ripon Wednesday morning.
Outagamie County's second largest employer is expanding, and veterans are encouraged to apply.
The State Building Commission has approved $5 million to help build the Wisconsin Maritime Center of Excellence in Marinette.
Fond du Lac police have released more information about the weapons they found in the apartment of a man who was at the center of a five-hour standoff on Monday.
The Wisconsin Department of Transportation is announcing a public meeting has been scheduled to provide road closure and design information for the Velp Avenue interchange area.