As its appears, the crisis over debt ceiling extension is going to go right to the wire. The first signs of seriousness and the big concern – that no one ‘jumps’ out of this vehicle quick enough as it hurtles towards a cliff – will be the reaction of the ratings agencies.

S&P has already warned that it is not simply a matter of extending the ceiling at the eleventh hour and that they are going to be proactive in their assessments. You could call this a shot across the bows, but it will be a long serving executive, David T. Beers, who will call the shots. He has a history of not being trifled with.

When asked how relations with the Treasury currently stood, he rather cryptically answered that people in his position were not used to being welcomed into meetings on this issue. Diplomatic speak for ‘frosty’ would be a fair appraisal here!

He has pulled no punches about the need to tackle the debt load quickly and effectively. Heading the division of S&P that, via an 80 strong army, assesses 126 countries he recently outlined how the committee that would ultimately decide whether to alter the U.S.’s 70 year old AAA rating would implement decisions.

Of particular concern to the Obama administration, is the notion that the committee could effectively pre-empt the deadline by deciding that there are insufficient signs of an agreement being met.

S&P is acutely aware of criticisms it received during the subprime crisis; when they were accused of rating too highly bundles of near-worthless mortgages. They may well be in a mode and a mood to reassert both their independence and their authority.

In April, S&P revised its US outlook from stable to negative: citing a 33% possibility of a downgrade of debt. Three months later they hardened their position and decided that there was a 50% chance of a downgrade in the next 90 days.

The stakes could not be higher: a nervousness that is beginning to palpably show in equity markets.

Government workers have long feared what would happen to their benefits, especially since some sectors of the government virtually shutting down for days or weeks on end.

Good news: no steep cuts to pay and benefits. Bad news: those might be coming in the next few months.

This is in light of a 12-member bipartisan “super committee” whose sole purpose is to find up to $1.5 trillion in savings by November 23.

“We’re happy there are no cuts to federal pay and pensions, but moving forward, we’re still facing a slippery slope,” says International Federation of Professional and Technical Engineers (IFPTE) spokesman Matt Briggs. “We still remain very leery on what [the super committee] will do.”

Dan Adcock of the National Active and Retired Federal Employees Association shares these sentiments, citing potential program cancellations, hiring freezes and staffing cuts as the tip of the iceberg.

“It’s going to be a real challenge to federal managers to continue to do more with less,” says Adcock.

These fears are most likely to pass, especially since tax increases and health programs are going to be tough sells for the committee to press. Employee pay and benefits are looking like easier targets for cuts.

Federal employees nearing retirement could look forward to at least two things: more buyouts and early-retirement packages. That is unless the super committee decides to cut those down in the near future as well.

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CEO of business community Manta and Forbes contributor Pamela Springer shares her thoughts on the top mistakes small businesses make when using social networks:

Having no marketing plan – “Ask yourself what you hope to achieve from social media and how you plan to get there.”

Doing everything all at once – “Do some research to determine which platforms best fit your business goals.”

Failure to measure ROI – “Make sure you set goals for your program and that you have ways to monitor these.”

Leaving incomplete profiles – “If your profile is half complete it reflects poorly on your company.”

Blatant promotion without engagement – “if you constantly talk about your business and what your business offers without listening or engaging with others, your network will fall flat.”

Ignoring negative feedback – “Instead of deleting the post, face it head-on and fully address the concern.”

Failure to claim profiles – “Regardless if you want to be involved socially or not, your company might already be.”

Not investing enough time – “If you are truly interested in expanding your network online, you need to be prepared to put in the time.”

Not interacting passionately – “If you aren’t passionate about interacting online, your social media efforts won’t work.”

Using something you don’t need – “Just because lots of businesses are using social, doesn’t mean you have to.”

Business fraud is most commonly committed by those inside the businesses than by those outside. In an interview by Smart Business, two executives from Comerica explain what owners can do to mitigate this internal fraud.

Glenn Lauter is the Senior VP for Business Banking in the Dallas Comerica Bank. Paul Orsborn is his counterpart in the Houston Comerica Bank.

How common is internal fraud?

Lauter: “According to the Association of Certified Fraud Examiners, $652 billion per year is lost to internal fraud. Small businesses are the most vulnerable, accounting for a whopping 80 percent of all internal fraud cases.”

What types of internal fraud should I be on the lookout for?

Orsborn: “The most common ones are asset misappropriation, corruption and doctoring financial statements, as well as pilfering company cash or resources. Bribery and kickbacks, which involve vendors or others outside the business, are also common.”

What preventative measures can I take?

Lauter: “One of the most effective measures a business owner can have in place to protect his or her business is a solid set of policies and procedures.”

How can I help ensure the people I hire are trustworthy?

Orsborn: “Inform candidates they are subject to a background check for initial employment and a subsequent check if they move into a new function in a more sensitive area. Permission for credit checks should also be a condition of employment.”

What role can I play in preventing fraud?

Lauter: “It is best to be involved in your business and oversee all areas of operation so if something doesn’t look right, it can be addressed right away.”