Another Analysis Finds GOP "So Be It" Spending Bill Costs Jobs

In a analysis released today, Mark Zandi, chief economist at Moody’s Analytics and former adviser to Sen. John McCain, found that the GOP “So Be It” spending bill will destroy 700,000 jobs and stall our economic recovery. From the Washington Post:

A Republican plan to sharply cut federal spending this year would destroy 700,000 jobs through 2012, according to an independent economic analysis set for release Monday.

The report, by Moody’s Analytics chief economist Mark Zandi, offers fresh ammunition to Democrats seeking block the Republican plan, which would terminate dozens of programs and slash federal appropriations by $61 billion over the next seven months…

“Significant government spending restraint is vital, but given the still halting economic recovery, it would be counterproductive for that restraint to begin until the economy is creating enough jobs to bring down the still very high unemployment rate,” Zandi writes. “Shutting the government down for any length of time would also be taking a big chance with the recovery, not only because of the disruption to government services, but also due to the potential hit to the fragile collective psyche.”…

Zandi’s analysis comes on the heels of a Goldman Sachs report which also showed the GOP spending plan weakening our economic growth and an analysis by the nonpartisan Economic Policy Institute finding the GOP bill will cost more than 800,000 private and public jobs.

Democrats are committed to responsibly reducing the deficit—beginning with an aggressive attack on waste, fraud, and abuse—creating and protecting American jobs, and strengthening our economy and America’s middle class families. The GOP spending bill fails to meet these goals.