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February 23, 2011


Report Says GOP Spending Cuts Would Hurt Economy

A confidential Goldman Sachs report, which was obtained by ABC News, argues that the spending cuts passed last week by the House of Representatives would be a drag on the economy, cutting economic growth by about two percent of GDP.

The Financial Times quotes Sen. Chuck Schumer (D-NY): "This nonpartisan study proves that the House Republicans' proposal is a recipe for a double-dip recession. Just as the economy is beginning to pick up a little steam, the Republican budget would snuff out any chance of recovery. This analysis puts a dagger through the heart of their 'cut-and-grow' fantasy."












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