The US Congress has split along party lines as it seeks a solution to an ongoing deadlock over raising the nation's debt limit.
The US risks defaulting on its financial obligations if a federal budget deal is not struck by 2 August.
BBC News website readers from the US have been sharing their concerns about the crisis.
It is disappointing that I elect representatives to do a job, but they are so inept in coming to a compromise.
This doesn't affect just my country but the entire world.
We Americans like to be known as world beaters - but we're so behind when it comes to finding a solution to this.
It's embarrassing that the US, the founders of modern democracy, can't find a solution.
I see myself as a moderate and I don't have any allegiances to either political side.
Obama and Boehner have tried hard to get a deal, but it is the far left and far right who are unwilling to concede.
Boehner can't even get his own party to come to an agreement - it's either their way or the highway.
I'm a college graduate and I have $10,000 worth of debt. If a deal isn't reached it will affect me hugely especially if there are plans for an interest rate hike.
Since July I have emailed my Republican congressman three times to reach a deal - it doesn't have to be perfect but it just needs to get done.
If the situation carries on like this, I might be calling the US government for a bailout.
I find it frustrating that the Democrats were in control of Congress for two years but in that time, they did nothing.
When Obama gives updates he doesn't provide any guidance or suggestions - he always seems to criticise everyone else.
No answers seem to be available - everyone is saying something different.
I'm more conservative in outlook, but when the Republicans try to explain what they are doing it comes out as all political talk.
People need to know the details - can we pay our bills or not?
I'm in my late 20s and I have a full-time job, but I wonder if I should have a family some day because when they grow up, it is they who will have to deal with this mess.
I understand the Tea Party mentality. They don't want something that's just OK - they want something more substantial and have had enough of short-term solutions.
But I can see that if nothing is done, the Republicans will get blamed for inaction.
I don't see any way out of this unless we find a balanced approach.
We can't just cut down on spending - we need revenue coming in too.
This matter shouldn't be put off.
I started selling off some of my stocks because I don't want to lose any more money in yet another crash.
I withdrew some emergency cash and even bought a little foreign currency.
I watched the last financial crisis unfold at work a few blocks from Wall Street, and I won't be caught asleep again!
I live with my partner who is on social security for a disability.
If the situation gets any worse we would have to cut down on our spending but we have been doing that in the past year.
As a last resort, I would have to consider moving back home with my parents.
The Republicans needs to stop relying on the Tea Party - they need to leave it behind and talk to the moderate Democrats.
I generally have a Democratic allegiance, and I think considering where they normally stand, Democrats have given a lot more concessions.
For the most part they have put a lot of their desires aside just to get this resolved.
Overall, I don't think it is a huge disaster but it will be a bit uncomfortable, and we will all need to prepare ourselves for that.