It was the blow Virginia's leading lawmakers had braced for.
"Well I'm frankly surprised it didn't occur a long time ago," says Congressman Bob Goodlatte who represents the 6th District.
"They are symptoms of a problem that's been a long time coming," says Congressman Robert Hurt who represents the 5th District.
On Monday another gut wrenching drop when the Dow plummeted more than 600 points. The fall comes days after one of the country's leading rating agency's downgraded America's credit score from a Triple A mark to less than perfect.
"Let me be clear that I think Congress could've done something different to avoid it but that would've required the Senate and the President of the United States to work with the House leadership to cut more from the budget," says Congressman Morgan Griffith, of the 9th District.
The credit downgrade is basically a way of saying there is very little confidence in politicians to make decisions and avert a long-term financial disaster.
Congressman Goodlatte is optimistic this could be the jolt needed to reign in what he's long called "out-of-control spending."
"Families and businesses understand this principal very well as do local governments and state governments. You can't live beyond your means," says Goodlatte.
"Short term we can deal with it but long term if we don't start cutting spending, I think the average person should be very concerned," says Griffith.
And yet, while things look worse than they did at the end of last week, Southwest Virginia's leaders are confident a do-over is on the horizon.
"The President needs to encourage action on the 2012 budget because that's another opportunity for us to address the problems that are causing us to lose our credit rating," says Hurt.