The House passed a deal that would raise the debt ceiling and avoid an economic crisis.

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This is just the first step, and time is running out to get the bill to President Joe Biden’s desk.

But what if a deal isn’t reached before the June 5 deadline?

READ: House votes to pass debt ceiling bill to avert default

A local economic forecaster said if they don’t reach a deal, direct impacts to everyday life could be seen like higher mortgage rates and possible delays to transportation projects.

“If somehow this current agreement on the table falls apart, then the government is going to have to cut back on spending,” said Dr. Sean Snaith, director of the Institute of Economic Forecasting at the University of Central Florida.

Cutbacks could include projects like military expenses and the development of weapons.

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For Central Florida specifically, that could mean major projects like Brightline could get delayed.

Mortgages, which have already gone up, could get even higher.

This would be the 79th time the debt ceiling has been lifted since 1960.

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