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Goldman Sachs: GOP Proposed Spending Cuts will Slow Economy

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.

 

 

 

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