Small businesses raise alarm over default amid debt limit fight
Gloria Larkin is frustrated. She’s worried Congress is about to hurt small business owners like her and her clients if they cannot reach a deal over the debt limit.
“This issue of default with a subsequent recession would drastically have a negative impact on our business personally because it would cause our clients, our customers, to condense their spending,” Larkin said. Her company TargetGov helps businesses pursue federal contracts across the country – everything from construction opportunities to cybersecurity, even work cleaning office buildings.
Sixty-five percent of small business owners say they will be negatively affected if Congress fails to raise the debt limit, according to a new survey by Goldman Sachs 10,000 Small Business Voices. Ninety percent of small business owners believe it’s important for the government to avoid default on the nation’s debt.
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Joe Wall, Managing Director, Government Affairs at Goldman Sachs on LinkedIn
We released our 2Q Goldman Sachs 10,000 Small Businesses Voices survey today. Small business owners – much like the U.S. Government – are facing a credit crunch, with 77% of respondents reporting they are concerned about their ability to access capital, a stunning shift from one year ago when 77% said they were confident in their ability to access capital. Small business owners also voiced concern about the debt ceiling fight in Washington, with 65% saying they would be negatively impacted if Congress does not raise the debt ceiling. Thanks to Sarah Ewall-Wice of CBS News for highlighting the concerns of the small business community: