A Goldman Sachs report warns that if the Republicans’ proposed budget cuts of $60 billion were implemented, the U.S. economy could slow down by as much as 2 percent.
And if budget wrangling between the Obama administration and the Republican-led House of Representatives led to a government shutdown? This will likely cost $8 billion a week, the Financial Times reported.
The Goldman Sachs confidential report, obtained by several outlets, also projected that if the federal budget was cut by only $25 billion, this would lead to a 1 percent drop in economic growth.
