From The Associated Press:
The deal reached by Congress to raise the debt ceiling and cut more than $2 trillion in public spending should have only a minor impact on the economy for the next two years.
Almost all the cuts would be made in 2014 or beyond. The approach heeds a warning by Federal Reserve Chairman Ben Bernanke and many private economists: Cutting too much too soon could harm the weak economic recovery.
Yet the deal won’t do much to help the economy, either, at least in the short term, economists said.
Under the debt deal, discretionary spending, which excludes Social Security, Medicare and Medicaid, would be cut $21 billion in 2012 and $42 billion in 2013, according to an analysis by the Congressional Budget Office.
Combined, those cuts come to less than 1 percent of the nation’s $14 trillion economy. The impact “should be relatively minor,” says Brian Gardner, senior vice president at Keefe, Bruyette and Wood, an investment bank.
The spending cuts would increase to $75 billion in 2015 and $156 billion in 2021, the CBO estimates.
Overall, the first phase of cuts would reduce spending by $917 billion over 10 years. A congressional committee would decide on a second phase of cuts totaling $1.5 trillion.
Read the whole thing here. Yes, this article is a bit ridiculous. The AP assumes that more government spending helps the economy and less hurts the economy. All the data in the world won’t get them off this silly notion. Still, it is important to note that there are almost no real spending cuts until 2014. Of course, those only happen if that future Congress goes along with the cuts. If the GOP wasn’t able to actually cut spending now, when will it ever?

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