EDISON - Monday's steep losses on Wall Street following the Standard & Poor's decision to downgrade the national credit rating were the worst since December 2008, fueling concern that the U.S. economy could slip into another recession.

News 12 New Jersey spoke to Walter Nacnodovitz as the worry spread from Wall Street to Main Street. Nacnodovitz, who owns a construction company in Bloomfield, said he doesn't know what to do and like a lot of people, is just waiting to see what happens.

Professor Martin Edwards, from Seton Hall University, says Wall Street's response is a huge overreaction to the downgrade. He says he expects the downturn to be short-lived.

President Barack Obama says the country needs to tackle its deficits over the long term and not just through spending cuts to programs like Medicare. He says there also has to be tax reform so that those who can afford it, pay their fair share.