. >> josh fineman joins us now with more on how the budget cuts will impact the u.s. economy. he's chief economist at db advisers. you heard all of our reports, can you pull it together for us. how much pain is sequestration going to have on the economy? can you put a number on it? >> sure, it's not just sequestration. it has to be put in the context of the tax increases at the beginning of the year. so putting that all together is -- it's a substantial fiscal tightening, probably going to shave one to one and a half percentage points off of gdp growth this year from what it would be. it's both. the tax hike and the sequestration spending cuts. >> if that is the case, why are stocks going up and up and up? >> all the parts of the economy are doing well, i mean, the healing of the -- what i call the post bubble head winds, the houses overhang, all the things that have kept this recovery pretty dormant, those things are dimini diminishing, as they do, the economy is picking up momentum. we're throwing this new monkey wrench at it, which is the fiscal tightening, it's a bit of a