While decisions are being made 474.12 miles away in Washington DC, the outcome will affect students at Auburn University.
The GOP and Democratic leaders met Sunday night at the White House to discuss the current debt ceiling and its looming implications on the economy.
Lawmakers are in the process of hashing out a plan that will allow the government to increase its borrowing limit, but are unable to agree on spending cuts and tax reforms.
Earlier this year, the $14.3 billion borrowing limit was reached, causing a fear among political officials that the government could possibly default on its obligations to pay the money back if the limit was not raised by Aug. 2.
Lawmakers on both sides are trying to reach an agreement that will allow the government to borrow more than $2 trillion to cover bills and expenses.
Conversation became tense when Republicans refused to budge on tax breaks for oil and gas companies as well as tax deductions for the wealthy.
Democrats had their own requests in asking that the Pentagon would contribute to spending cuts, which republicans refused.
"Only by refocusing our attention on creating a sound and predictable economic environment will American companies be able to grow, thrive, and most importantly, create new jobs," said Julie Eckert, deputy press secretary for U.S. Senator Richard Shelby.
President Obama is pushing for revenue increases and deficit cuts over the next decade in the range of $4 trillion, but the GOP remains firm that tax increases would ultimately destroy jobs in an already uncertain economy.
Monday, Vice President Joe Biden led agreements between Republicans and Democrats that included cuts to farm subsidies, student aid, federal workers' pensions and domestic agency budgets, according to the Associated Press.
If both sides cannot reach an agreement before the Aug. 2 deadline it is believed that the government would not default on the debt if it prioritized payments, but if it were to, the financial stability of the economy would enter total turmoil.
"It will take significant spending reductions, coupled with long-overdue tax reform, to put the United States back on track toward getting it fiscal house in order," Eckert said.
It is important that the debt ceiling is raised, according to Christine Lagarde, chief of the International Monetary Fund.
Lagarde said she believes the stock market will take a hit, interests will hike and nasty consequences, not only for American, but global economies will be a result of governmental default.
"I would hope that there is enough bipartisan intelligence and understanding of the challenge that is ahead of the United States, but also the rest of the world," she told the Associated Press.
On a local level, U.S. Representative Mike Rogers of Alabama's 3rd Congressional District believes that a deal discussing the debt ceiling will be agreed upon by the end of July.
Rodgers, like many Republicans, is against raising tax rates in fear that it will lead to a decrease in the job market.
"Regardless of the makeup of the final bill, Congressman Rogers strongly opposes the inclusions of any job-destroying tax increases," said Shea Snider, spokesperson for Congressman Rogers.
An imminent default on governmental spending is the first in U. S. history, making it hard to predict what will happen next.
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