Macroeconomic Advisers garnered attention this week for predicting that the measure would block the creation of 700,000 jobs by the end of 2014. The sequester lops half a percentage point off from growth, but the Gross Domestic Product would still chug along at a 2 percent pace--not too far off the mark in this tepid recovery. "Not catastrophic," the firm concluded.

What really matters, economists note, is the issue Obama and Republicans have largely stayed quiet about--$200 billion in tax increases slated for this year as part of the fiscal cliff deal approved on New Year's Day. Rates ticked up on household incomes above $450,000 and the two-year payroll tax holiday ended, which would likely cause many consumers to open their wallets less often.

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