While we may have avoided a default today, Congress really just put it off for another two years, with the debt limit now being suspended until January 1, 2025.

Financial experts say while it's a relief to see cooler heads prevail and the economy remain relatively stable for now, there's still a bigger issue at hand that needs to be solved before the next debt ceiling crisis.

"So they actually have to figure out some sort of method that they can go forward and start reducing our deficit, and that has to happen," said Roland Kljunich, Owner of Roland Financial Wealth. "Right now, this is kind of another temporary fix, but they just kind of keep kicking the can down the road, and eventually, you know, you're going to have to do something to actually fix the problem."

The date for default was originally June 1, but was later moved to June 5 to avoid an economic catastrophe.