Bryant Ruiz Switzky writes that Fuller released a report Tuesday that takes into account changes to the sequester under the American Taxpayer Relief Act of 2012.
“Those that might’ve argued that the federal government might be able to absorb these cuts without derailing the economy might be more right than they were given credit for,” Fuller told Switzky, referring to the sequester modifications that include details on how and when the government will implement the cuts.
The economist’s report revised the sequester’s economic impact with a 1 percent decrease in gross domestic product for 2013 at $158.2 billion, down from earlier analysis reports he released in October 2011 and July 2012 that predicted GDP losses of up to $215 billion.
“We’ve pushed back the losses… so the impact won’t be as immediate,” Fuller said.
“They’re going to be spread out over a longer period of time, which gives the private sector economy longer to absorb them.”