A default on debt will mean less support for small-business initiatives and programs funded at the federal level.
UPDATE | On Wednesday night (May 31), the House passed the debt ceiling bill by a vote of 314-117, just days ahead of the June 5 deadline to avoid a catastrophic U.S. default. Moving now to the north end of the Capitol, Senate Majority Leader Schumer (D - N.Y.) placed the bill on the upper chamber calendar, beginning the procedural process that will allow Senators to pass the legislation as soon as possible. Depending on whether all Senators agree to move forward, the measure could take several days to get through the deliberative body,
With an impending default and lawmakers debating whether or not to raise the current U.S. debt limit, small businesses are facing great insecurity and potentially disastrous outcomes if an agreement fails to pass.
This is why NSBA is sharing two critical resources with our small business community and supporters, including a video discussion explaining the contours of the current debt ceiling situation, as well as an Action Alert that can be personalized and sent to constituents’ respective Members of Congress in less than two minutes.
The specter of a U.S. default would uniquely harm small businesses in two key ways: a major credit disruption and subsequent inability to grow or even stay afloat; and thousands of small businesses who do business with the federal government will surely be at the top of the list of people the federal government will be unable to pay.
Please take a moment to urge your Members of Congress to proceed pragmatically and ensure that politics doesn’t create an insurmountable hurdle for America’s small businesses, and watch the discussion on the impacts of the threat to small business of the federal government exceeding the debt ceiling with NSBA President and CEO Todd McCracken and our financial expert Board Member Marilyn Lund.