Report: GOP cuts could kill 700K jobs - POLITICO.com Print View: "House Republicans said last week that they want to cut spending by $2 billion a week for the rest of the fiscal year, adding up to a total of $61 billion in cuts during the next seven months. But that plan could come with the very real cost of jobs, Moody’s Analytics said in a report released Monday, buoying Democrats who argue that the GOP is pushing too many cuts too quickly.
Moody’s chief economist, Mark Zandi, projected that the House proposal would cut real GDP growth by 0.5 percent in 2011 and 0.2 percent in 2012. That, in turn, would lead to 400,000 fewer jobs being created than expected by the end of this year and a total of 700,000 fewer jobs by the end of 2012."
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