Analysis by Jesse James

This is rich.

Spending cuts approved by House Republicans would act as a drag on the U.S. economy, according to a Wall Street analysis that put new pressure on the political debate in Washington.

The report by the investment firm Goldman Sachs said the cuts would reduce the growth in gross domestic product by up to 2 percentage points this year, essentially cutting in half the nation's projected economic growth for 2011.

In other news, Jesse James' James & Co. issued a white paper decrying the use of "vaults" in banks. James & Co. said that such vaults will reduce the economic growth of the bank-robbery industry and force bank robbers to fleece taxpayers instead. He predicted that this would occur in late 2008.