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ICYMI: Small Business Advocate Argues that Defaulting on the National Debt Ceiling Would Harm American's Main Streets

October 04, 2021

Today, Forbes published an op-ed by Small Business Roundtable Executive Director Rhett Bhule, in which he highlights the "catastrophic" impact defaulting on the debt ceiling would have on small businesses across the country.

He notes that default would "wipe out as many as 6 million jobs and erase $15 trillion in household wealth," per Moody's Analytics chief economist Mark Zandi. He adds that defaulting on the national debt would also lead to:

  • More expensive small business loans
  • Higher credit card interest rates
  • Tightened credit markets
  • Plunging stock markets
  • Delayed Treasury payments

"The American economy and its Main Streets are working through their greatest crisis since World War II," he concludes. "Both are still standing right now but a default on the national debt would be a knockout blow. Let's stop playing politics and get the debt limit raised. Once that's done, we can return to the important work of getting an infrastructure bill passed that has the ability to pave the way for the next generation of American small businesses and entrepreneurs."

Read the full piece here.

Joseph R. Biden, ICYMI: Small Business Advocate Argues that Defaulting on the National Debt Ceiling Would Harm American's Main Streets Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/352824

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