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But the larger impact on GDP remains uncertain.
Financial markets haven't appeared concerned as the clock has ticked toward the March 1 deadline. The Dow Jones Industrial Average has continued to hover near 14000.
In part, that may reflect expectations that the sequester won't be in place for long before Congress and President Obama come up a fiscal Plan B.
At the same time, many economists say that it's a bad time to be throwing wrenches into the economic gears. The unemployment rate remains high, US workers were hit with a payroll tax hike, as of January. And the implementation of President Obama's health-care reforms looms as another source of employer and consumer uncertainty.
What many economists bank on is that strength in the private sector – with improvements in home values and the job market – will more than offset any negative impacts from federal cuts.
One forecasting firm, Macroeconomic Advisers, says a fully implemented sequester would shave 0.7 percentage points from economic growth. Another, IHS Global Insight, pegs the fallout at closer to 0.3 percent.