Maryland and Virginia lawmakers are closely examining a deal to raise the federal debt ceiling and reduce the deficit announced by President Obama late last night.

The President of the Greater Washington Board of Trade says a federal government default on the country's debt could be ten times worse for the D.C. area than a government shutdown.

As the debt ceiling crisis escalates on Capitol Hill, concerns are growing about the impact of a possible default on the District government and the thousands of federal employees who live in the area.

A former supply clerk for the Federal Trade Commission has been sentenced to 18 months in prison for making thousands of dollars in unauthorized purchases.

The Virginia Retirement System had an exceptionally good return on its investments this year. But with less than 75 percent of future liabilities currently funded, a larger share of taxpayer dollars may be needed to fully restore the pension fund.

This week President Obama is attempting to revive negotiations to raise the nation’s debt ceiling, and local lawmakers are acknowledging the tough road ahead for negotiators.

Maryland, which is home to two NFL football teams, would lose an estimated $40 million in tax revenues if the NFL's season is canceled because of a labor dispute, according to the Maryland comptroller's office.

Though the pace of foreclosures has slowed, some worry that looming federal funding cuts could put organizations that offer free foreclosure prevention counseling out of business.

News that Virginia may end the fiscal year with at least a $100 million budget surplus has prompted mixed reactions from Republican lawmakers.