MSNBC
The prediction isn't without immediate evidence, either. The contraction in GDP last week was largely attributed to decrease in government funding allocated to manufacturing in the defense sector, which has seen a substantial cut as a result of the
Here's the key quote from the Bipartisan Policy Center emphasizing how bad
CBO estimated a decline of 0.7 percent in 2013 gross domestic product (GDP) growth because of the ripple effect of the sequester cuts on smaller businesses and on government personnel. For an economy that already suffers from chronic
Our estimate of approximately one million lost jobs due to sequester remains our base case if a full sequester occurs as scheduled on March 1.
As it stands, the ball is in Congress' court when it comes to averting the across the board cuts.
The President spoke today about the need to avert sequestration, and Senator Patty Murray, the chair of the Budget Committee has explained how deeply the cuts could shake an already fragile recovery.