Fed’s Bernanke: Budget cuts could trim 200,000 jobs

[TomClash]

Source: Reuters via The Raw Story

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday a Republican spending cut plan would not cause a big dent to U.S. economic growth, but could cost around 200,000 jobs.

Bernanke said that a $60 billion cut along the lines being pursued by Republican in the House of Representatives would likely trim growth by around two-tenths of a percentage point in the first year and one-tenth in the next year.

"That would translate into a couple of hundred thousand jobs. So it's not trivial," he said in response to questions from members of the House Financial Services Committee.

The Republican-run House has passed a budget bill for the current fiscal year that includes $61 billion in spending cuts, but majority Democrats in the Senate say the reductions would endanger the economic recovery.

Read more: http://www.rawstory.com/rs/2011/03/02/feds-bernanke-budget-cuts-could-trim-200000-jobs/

---

Remember Boner's remark? "If jobs are lost, so be it."

[RUMMYisFROSTED]

1. Only a half-million difference.

Impressive.

[Kingofalldems]

2. Yeah but yesterday someone was trumpeting the "big boost"

the GOP plan got from Bernanke. Hmmm.

[AlbertCat]

3. Are the teabaggers noticing?

No.

They're too busy getting all worked up that someone in WI might get paid something for baby sitting their little brat while trying to teach it the difference between "to", "too" and "two".