No ones quite sure exactly what the American economy would look like after a government debt default, but economists are sure of one thing: It would be bad.

Very bad. Like dogs and cats living together bad.

House Republicans insist they will not vote to increase the debt ceiling without as-yet unspecified steep spending cuts, but President Joe Biden has said he will not negotiate over the full faith and credit of the country.

The debt ceiling standoff went from simmering to the front burner on Monday with Treasury Secretary Janet Yellens warning the government could run out of cash in early June , and experts are warning that failing to give Treasury more borrowing room before it defaults would have catastrophic fallout, not just on Wall Street but also on Main Street.

Our economy is made up of people. So when people are not doing well, our economy is not doing well, said Rakeen Mabud, chief economist with the left-leaning Groundwork Collaborative, a group of progressive economic experts.

Seniors wouldnt get their Social Security checks, military service members wouldnt get paid, families wouldnt get some cash that they need to pay for food. And that would be an absolutely devastating economic consequence.