"Douglas Elmendorf, director of the nonpartisan Congressional Budget Office, ran the numbers on what..."

“Douglas Elmendorf, director of the nonpartisan Congressional Budget Office, ran the numbers on what a deal that either cuts spending or raises taxes in order to reduce the deficit by $2 trillion would mean to the economy. Elmendorf estimates that the deal would likely slow the economy by as much as 0.6% in each of the next three years. Again, there is no science for translating GDP growth into jobs. But 0.1% of GDP growth usually means the economy will add about 5,000 jobs, and vice versa. So that means a debt-ceiling deal of the size Elmendorf is talking about could cost the economy as much as over a million jobs during the next three years.”

- Could a Debt-Ceiling Deal Cost the Economy a Million Jobs? - The Curious Capitalist - TIME.com