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Debt Ceiling Repercussions

From BofA:

Economic Impact:

  • Cut 2012 GDP growth by 0.7% for every additional $100 bn in 2012 cuts
  • Cut Q4, Q1 growth by 0.3% for every week of shutdown
  • Recession if 3 or 4 weeks
  • Under automatic cuts in spending we will see $185 billion less in 2012.  With additional aggressive cuts of $150 billion, we would see a 2% drop in GDP

Nickel & Diming

10-year savings (billions)

Bush tax cuts                                       2,502.0

Top two brackets                                 1,187.0

End ethanol subsides                           60.0

End oil & gas subsidies                       36.5

Carried interest                                      17.0

Corporate jets                                         3.0

Not exactly feel-good information.

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