MARQUETTE -- Still no agreement on raising the debt ceiling in Washington, D.C.  President Obama renewed his call Friday to raise the ceiling and pass a deficit reduction plan before the default deadline of August 2.

Congressional Republicans say 'no' if the plan includes tax increases.

"Default" has been the word on Washington, D.C.'s lips the entire week.  The government is currently at the peak of its borrowing authority or "debt ceiling."  If it doesn't raise it by the August 2 deadline, it may not have the funds to pay its bills.

Experts say an easy way to understand the debt ceiling is thinking of it in terms of Uncle Sam's credit card; it's like asking to raise to the credit limit so we can borrow and spend more money.  However, instead of calling a bank or company, the government needs congressional approval to raise the current $14.3 trillion debt ceiling by $2.5 trillion to keep the government funded through the end of 2012.  At this point, President Obama and Congress are at an impasse on how, and if, they should do that.

"It's hard to say what's happening in these meetings," says Republican Congressman Dan Benishek.  "The President hasn't really put out his plan; one week he says one thing, one week he says something else.  There's no place to negotiate from.  We have our plan.  He puts out his plan, then we can negotiate."

Disagreements stem from how the government can cut spending.  Some want to close tax loopholes, some want to raise taxes, others want to cut Social Security and Medicare.

What happens to you if a decision isn't made by August 2? 

"The sky is not going to fall, the country will still be able to move forward, and we'll see more pressure from outside forces to get our budget under control, to think seriously about spending, and to consider closing some of those tax loopholes that are out there being discussed," says NMU's Sam M. Cohodas Professor Dr. Tawni Ferrarini.

Some say the debt is already impacting our job market.

"It's about the jobs," Benishek says.  "The way we've been spending money now, people see that we don't have the money to pay for this.  They're worried about the increase in taxes, worried about the health care cost, so they're not hiring people."

Congressman Benishek says he hasn't seen anything he'd vote for yet, but he's hopeful Congress and the President will reach agreement soon.