Not surprisingly, most of the data President Barack Obama will see in the SBA’s small business economy report released yesterday is grim.

The report said small businesses are less willing to expand, hire new workers or borrow money. Lenders exhibited widening interest rate spreads and tightening terms of lending and business borrowing plunged in the fourth quarter of 2008 to a low annual rate comparable to the levels experienced in the 2001 recession.

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