LAS VEGAS (KTNV) — A national survey is shedding light on how small businesses across the country are responding to the US potentially defaulting on its debt.
Small Business for America’s Future conducted a survey between May 5 and 8 featuring 1,073 small business owners across the country.
Key findings from the survey include:
- 76% of respondents believe a debt ceiling default would negatively impact their businesses, with 61% fearing a major negative impact
- 59% of small business owners said a default could result in higher interest rates, difficulty obtaining credit, and the loss of customers
- 66% of small business owners believe that a failure to raise the debt ceiling and prevent a default could lead to a recession
- 67% of respondents are concerned that a failure to raise the debt ceiling could stall the progress made in recovering from the pandemic
- 82% agree (68% strongly) that Congress should address spending during the federal budgeting process, allowing for targeted discussions without jeopardizing the economy
- 62% of small business owners want Congress to either raise the debt ceiling by passing a clean bill or temporarily lift the debt ceiling while continuing negotiations to avoid defaulting on the nation's debt
Co-Chair Shaundell Newsome is a Las Vegas local and was supposed to travel to D.C. to share the results with lawmakers, however, the meeting was canceled.
“When you really, really drill it down, look at how our neighborhoods are impacted when small businesses like Gritz Cafe and the Funnel Cake Cafe and some of the cleaning services and different things like that. When they can't function it impacts everyone locally,” said Newsome.
He’s hoping Congress can ultimately come together and approve a plan that does not result in cuts to other programs.
