Report Says GOP Spending Cuts Would Hurt Economy

Worth Clicking: Blasts from the past wound Romney

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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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Taegan D. Goddard is the founder of Political Wire, one of the earliest and most influential political web sites.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country, including the Washington Post, USA Today, Boston Globe, San Francisco Chronicle, Chicago Tribune, Philadelphia Inquirer and Christian Science Monitor.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

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February 23, 2011