(RALEIGH) -- The federal government has maxed out its credit card by reaching its $14.3 trillion borrowing limit. NC State University economist Dr. Mike Walden said failing to raise the debt limit would not be prudent.

"What we don't want to have happen is we don't want the U.S. government to miss paying interest on its outstanding debt.  That's never happened.  That would be like you or me not making our mortgage payment or not making a payment on our car.  That would hurt our credit rating.  This would hurt the credit rating of the U.S.  It would inhibit our ability to borrow," said Walden.

Congress now has 11 weeks to raise the debt limit before there are any serious financial repercussions.