Ninety-six percent of 1,000 middle market business leaders questioned in a recent survey say they have strong preferences for the outcome of the ongoing fiscal cliff negotiations. The survey, released by the National Center for the Middle Market, was conducted with mid-size business leaders in early December and covers all U.S. industry sectors and geographic regions.
When asked to identify up to three preferences, top managers replied as follows:
- 64% want deficit reduction in some form
- 54% want additional cuts to government spending
- 43% want reform to the corporate tax code
- 29% want increased taxes for higher-income earners
Additionally, 64% of surveyed participants stated that they have reduced spending due to the uncertainty associated with the looming fiscal cliff.
National Center for the Middle Market research has established that this segment of the economy, identified as U.S. businesses with annual revenue between $10 million and $1 billion, accounts for one-third of private sector gross domestic product and more than 43 million jobs.
"Middle market managers are clearly concerned about the potential outcomes of fiscal cliff negotiations," said Dr. Stephen A. Buser , emeritus professor of finance at The Ohio State University Fisher College of Business and an economic advisor to the Center. "The majority of middle market managers want deficit reduction to include spending cuts."
The National Center for the Middle Market, collaboration between GE Capital and The Ohio State University Fisher College of Business, is the leading source of knowledge, leadership, and innovative research focused on the U.S. Middle Market economy. The Center provides critical data, analysis, insights, and perspectives to help accelerate growth, increase competitiveness, and create jobs for companies, policymakers, and other key stakeholders in this sector.