From BofA:
Economic Impact:
- Cut 2012 GDP growth by 0.7% for every additional $100 bn in 2012 cuts
- Cut Q4, Q1 growth by 0.3% for every week of shutdown
- Recession if 3 or 4 weeks
- Under automatic cuts in spending we will see $185 billion less in 2012. With additional aggressive cuts of $150 billion, we would see a 2% drop in GDP
Nickel & Diming
10-year savings (billions)
Bush tax cuts 2,502.0
Top two brackets 1,187.0
End ethanol subsides 60.0
End oil & gas subsidies 36.5
Carried interest 17.0
Corporate jets 3.0
Not exactly feel-good information.
