Board of trade president Jim Dinegar says a recent survey of member companies shows the debt ceiling deadline is weighing heavily on the minds of just about every business leader in the area.
"92 percent were concerned or very concerned about the potential for missing the August 2 deadline," he says.
Dinegar says a federal default could not only stifle sales and consumer spending, but also affect the cost of doing business by making it more expensive for businesses and municipalities to get loans.
Federal contractors are already seeing a slowdown in the awarding of contracts as government agencies wait for some sort of conclusion to the debt-ceiling standoff, he adds.
"You have contracts on the desk, ready to be signed, and we're hearing from the businesses around greater Washington that some of those contracts are not being signed," Dinegar says. "They're just being held -- a bit of hurry up and wait."
Dinegar says many businesses have already put teams together to deal with the fallout of a federal default, which is a move the board of trade strongly recommends.