If the debt ceiling is not raised in the coming weeks, the U.S. will default on its debt for the first time in its history and that will be catastrophic for small businesses.
to see what happens to a country’s credit markets when it defaults on its debt. The same will be the case for the United States if it follows in these countries’ footsteps. Credit markets will tighten up and U.S. banks will prioritize lending to businesses where they have pre-existing relationships, which are more likely to be larger ones than small ones.
The American economy and its Main Streets are working through their greatest crisis since World War II. 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.
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