Taking effect on March 1, 1986, the GRH sequester reduced the future growth rate of non-defense federal spending by 4.3%, and of defense spending by 4.9%.

FORBES: Why The Fiscal 'Sequester' Scheme Is Actually Bullish

While it has just missed the poor performance (two consecutive quarters at or below zero real growth) that would allow an automatic waiver of the GRH targets, there is little doubt but that the imposition of additional taxes could help turn the present stagnation into full-scale recession.

CENTERFORSECURITYPOLICY: Center For Security Policy