The slow down in GDP will result in fewer jobs? How many? Think about Okun's law.
Here's the hard way: Potential Output at the beginning of 2011 was $14.178 trillion and by 2012 potential will be $14.455 trillion. Real GDP at the end of 2010 was $13.380 trillion. The output gap to begin the year was (13.380 - 14.178)/14.178 = -5.64%. This results in an increase in cyclical unemployment of approximately 2.8% which amounts to approximately 4.5 million people. If the economy grew at 3.3% real GDP by the end of 2011 will be 13.380*1.033 = 13.821, the output gap would be (13.821 - 14.455)/14.455 = 4.4%, cyclical unemployment would fall to 2.2%.
But if output only grows at 2.7% than real GDP by the end of 2011 will be 13.380*1.027 = 13.74. The output gap is (13.74 - 14.455)/14.455 = 4.95% and cyclical unemployment would be 2.5%.
Here's the easy way: output was revised lower by 0.6%. Recall for every two percent decline in output will increase cyclical unemployment by 1%. So a 0.6% decline in GDP would increase cyclical unemployment by 0.3%.
Is 0.3% a lot? The unemployment rate is 8.8% or 14 million people unemployment. Despite being a small number, 0.3% still corresponds with nearly 500,000 workers. I think the government needs to figure out there budget pretty quickly, the uncertainty is causing a large drag on the economy.