The government shutdown probably won't have a major impact on financial markets, but the ramifications of a debt default could be large, according to The Wall Street Journal.

The Senate was unable to reach an agreement on the budget/debt ceiling impasse Sunday and will meet again Monday.

Before the current shutdown, the government has shut down 11 times since 1981, according to BofA ML US Equity & Quant Strategy, The Journal reports.

Editor’s Note: 5 Reasons Stocks Will Collapse . . .

Most of those 11 shutdowns ended before three days, so this one is something of an outlier.

But during the 11 episodes, the Standard & Poor's 500 Index barely moved on average, according to BofA.

And after the shutdowns ended, stocks averaged a gain of 2.5 percent for the first month.

But a debt default is a whole different animal. "If, instead, the U.S. voluntarily delayed payment on some bonds, it could throw markets worldwide into panic," writes The Journal's Joe Light.

"Some market analysts say that a default could trigger a crisis rivaling the one that came after the collapse of Lehman Brothers Holdings in 2008."

While Wall Street is speculating about what will happen in Washington, politicians are now wondering what will happen on Wall Street.

"I worry on Monday when the American markets open" whether "the stock market will go down" and "interest rates go up," Sen. Charles Schumer, D-N.Y, said Sunday, according to Bloomberg.

Editor’s Note: 5 Reasons Stocks Will Collapse . . .

Related Stories:

Blackstone's James: Congress 'Playing Russian Roulette' on Debt Ceiling

IMF: US Debt Default 'Would Be a Worldwide Shock'