Think Progress reports that a non-partisan group called The Economic Policy Institute has that as its estimate.
The Economic Policy Institute, a top nonpartisan think tank, estimates that the deal struck this weekend to raise the nation’s debt limit will end up costing the economy 1.8 million jobs by 2012. Today the Senate is expected to approve the package passed yesterday by the House and send it to President Obama. But while the unemployment rate remains above 9 percent, the deal does nothing to address chronic joblessness.
Of course the Republicans are going to say the economy shrank because we didn't cut enough. Or because we spoke of tax increases in passing. Or whatever pathetic lie they will invent for not admitting that Keynes is right and Friedman is wrong.
In other words, the muddle involved in striking this deal cost taxpayers $1.7B in a single day.
Just wonderful. Hey, Mitch McConnell, what revenue increases will you agree to to pay the $1.7B bill every time we indulge Republicans in their orgy of blaming Democrats for the debts incurred by Republicans?
And the stock market continues to decline, putting the S&P 500 on track for the longest losing streak since October 2008. The people who invest for a living know this is a bad deal.