Small businesses raise alarm over default amid debt limit fight

Gloria Larkin is frustrated. She's worried Congress is about to hurt small business owners like her and her clients if they cannot reach a deal over the debt limit. 

"This issue of default with a subsequent recession would drastically have a negative impact on our business personally because it would cause our clients, our customers, to condense their spending," Larkin said. Her company TargetGov helps businesses pursue federal contracts across the country – everything from construction opportunities to cybersecurity, even work cleaning office buildings.

Larkin, like many of the nation's small business owners, is concerned over a looming threat of the government being unable to pay its bills. If the United States defaults on its debt for the first time, economists warn it would cause financial and economic turmoil affectig just about every aspect of the economy.