Businesses and individuals alike may have to make vital credit decisions as President Obama nears a short-term deal to prevent a financial collapse, the New Jersey Newsroom reports. The compromise would need to have a plan to reduce the budget deficit. Given this, Obama has emphasized that he would veto any bill that fails to follow this condition or that proposes to raise the nation's debt limit.


The biggest danger as of now is that the government might be unable to pay its bills, meaning it would likely halt the distribution of Social Security checks, while increasing interest rates, which could ultimately spur a double dip recession in the and diminish the overall worth of its economy. A failure to find a solution would result in a national default on our obligations - both domestically and internationally -according to CNN.

President made a nationally televised statement in which he laid out his requirements for a financial deal.

"This is no way to run the greatest country on Earth," he said. "The American people may have voted for divided government, but they didn't vote for a dysfunctional government."