Austerity Bites

DATA: BARCLAYS CAPITAL

Unless Congress acts, here’s how growth would suffer in early 2013*

Expiration of federal unemployment emergency benefits .2%

Automatic spending cuts .8%

Expiration of payroll tax cuts .8%

Expiration of Bush tax cuts 1%

Projected Growth: 3%

If implemented, austerity measures would reduce growth to 0.2%

*ANNUALIZED CHANGE IN GDP FROM LAST QUARTER OF 2012 TO FIRST QUARTER OF 2013

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