TAMPA, Fla. — President Joe Biden’s meeting Friday with congressional leaders on the debt limit crisis was abruptly postponed to next week, with staff-level talks making progress and expected to continue through the weekend, the White House and congressional aides said Thursday.

That means the country will head into the weekend with no visible progress on resolving the matter. 

Washington continues to stare down a June 1 deadline to raise the debt limit to allow continued borrowing to cover already accrued bills or risk the nation’s first modern-day default, which would rock the U.S. economy and send out global shock waves as well. 

Exactly what would happen if the nation defaults on its debts is unknown since it's never actually happened before.

But there would be impacts to everyday consumers.

Tampa accountant Steve Ribble said if Congress doesn't come to an agreement this time, everyone will feel it.

"I don't think your average American really pays much attention to this until it affects their own household," said Ribble, who is with Guardian Accounting Group.

Government workers won't get a paycheck if there is a default on the national debt.

But if there is a default or even a lengthy impasse like there was in 2013, it could force interest rates up on an American population that carries more debt today than they ever did before. Right now, Americans carry more than $1 trillion in credit card debt, the highest amount ever.

"I think that they'd move heaven and earth to make sure they didn't default on any debt,” Ribble said. “But any kind of impasse that leads to higher rates is going to impact consumers.

“It's going to impact the interest rates on credit cards, it can impact the interest rates on car loans and mortgages and etc."

Even Zillow appears to be worried about a default. According to the real estate website, home sales in the U.S. could collapse by up to 23% with interest rates climbing higher than 8 percent.