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The very small businesses that contribute greatly to America’s national security and economic dynamism are among the entities most at risk from the “fiscal cliff” facing our nation in January.
Given small businesses’ role in providing key services and products to the Defense Department, Federal Aviation Administration, NASA, the National Oceanic and Atmospheric Administration and the rest of the federal government, it should come as no surprise that $1 trillion in sequestration budget cuts over a nine-year period — $110 billion in 2013 — will dramatically affect smaller companies.
George Mason University economist Stephen Fuller estimates that in 2013 alone the automatic spending cuts in the sequestration law will put at risk 956,181 small business jobs, from major suppliers to mom and pop stores.