GOP Cuts Would Kill 700,000 Jobs

Here's something to think about as Congress tries to agree on budget cuts. A report by Moody's Analytics chief economist Mark Zandi says the Republican plan to cut federal spending by $61 billion this year would destroy 700,000 jobs through 2012. Zandi's report follows a Goldman Sachs report whose conclusion was even more dire: The proposed cuts would slow economic growth by two percent in the second and third quarters of this year. The report isn't all ammunition for Democrats, though. Zandi also says that even a thriving economy won't be enough to balance the budget without "significant government spending restraint."