FOR IMMEDIATE RELEASE

Media Contact
Conan Knoll
831-524-6764
conan@emccommunications.com

STATEMENT: Deal to Avert Federal Default a Relief for Worried Small Business Owners

Statement by Small Business for America’s Future Senior Advisor Rhett Buttle on Saturday’s agreement in principle to raise the debt ceiling

Washington, D.C., May 28, 2023–We are relieved to hear of the in-principle deal to avoid an unprecedented and damaging government default on its financial obligations. The agreement to protect the full faith and credit of the U.S. is a crucial step in maintaining the economic stability small businesses need to continue to recover from the pandemic.

We appreciate the efforts of the Biden Administration to responsibly engage with the leadership in the House of Representatives. While we are waiting for the final details, our relief is tempered by our profound disappointment in the way the country’s economic health has been held hostage to extract misguided cuts that harm working families and entrepreneurial growth.

Avoiding a government default is vital, but the tactics used by lawmakers have placed entrepreneurs in an unnecessary and disconcerting position of uncertainty. Our recent survey of more than 1,000 small business owners found that 76% of respondents believe a default would harm their businesses.

The reported reduction in IRS funding for modernization adds to our concerns. This move could allow large corporations to continue to exploit loopholes to avoid contributing their fair share, while small business owners, the bedrock of American innovation and job creation, consistently fulfill their tax obligations.

We look forward to seeing the full details, but urge lawmakers to bear in mind the essential role of small businesses in our economy and prioritize their needs. We need a strong commitment from our leaders to preserve economic stability and promote the prosperity of our nation's small businesses. We extend our gratitude to those who have demonstrated such commitment, and we remind all lawmakers of their responsibility towards the prosperity of our economy.



To request an interview with a Small Business for America’s Future Senior Advisor Rhett Buttle, contact Conan Knoll at 831-524-6764 or conan@emccommunications.com.

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About Small Business for America’s Future
Small Business for America’s Future is a coalition of small business owners and leaders nationwide working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing a just and equitable economic framework that works for small business owners, their employees and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.