Time is ticking and if a deal isn't reached on the debt limit by August 2nd, there could be major problems in the Valley.
According to Lieutenant Governor Bill Bolling, if the federal government can't agree on raising the debt ceiling, it will affect how businesses invest and the amount of people they hire.
On Friday, Bolling was in Weyers Cave telling local leaders of the success Virginia's economy has had recently.
He said the state's $6 billion shortfall has been replaced by a more than half-a-billion dollar surplus.
But Bolling said if the debt-ceiling isn't raised, that success could soon be wiped away.
He said Virginia has a strong federal presence, especially with businesses and military bases, and something must be done now to prevent big losses.
"They have dug a deep hole in Washington. It's deep and it's wide," he explained. "It's going to take a very aggressive and substantive plan to get spending under control and bring the debt down. They've got to do it now, because if they don't, then we could end up in the same place as Greece. That's not where we want to go."
Bolling said the keys to the deal will be compromise by both sides and cutting down on spending.
With deadline a little more than a week away, only time will tell if something can be worked out.
© Copyright 2013 WHSV / Gray Television Group, Inc. All Rights Reserved.