(Read More: Alan Simpson Presses for Larger 'Grand Bargain'.)
That means going through what has now become the routine practice of calculating the economic and market impacts of a worst-case Washington scenario.
Under the sequester, federal outlays will be cut by $85 billion this year and $1.2 trillion over 10 years, equally hitting defense and nondefense spending with only some program, like Social Security and military pay, exempted.
Soss is among the economists who believe it will shave about a half a percentage point off of growth. In the case of Credit Suisse, that means 2013 growth will be 1.5 percent instead of 2 percent.
That's a pretty critical markdown. It brings the economy far below the level of growth rate that most economists think is necessary to reduce the unemployment rate. Many economists said allowing the sequester to take effect would cost about a half million jobs and boost the unemployment rate by 0.25 to 0.3 percentage points.
(Read More: Obama Warns Sequester Will Cause Job Losses.)
The St. Louis forecasting firm Macroeconomic Advisers puts the end of the year unemployment at 7.9 percent instead of its original estimate of 7.6 percent because of the sequester.
Overall, the firm said, the sequester by itself is not catastrophic. But it added, "Nevertheless, the indiscriminate fiscal restraint would come on the heels of tax increases in the first quarter that total nearly $200 billion, with the economy still struggling to overcome the legacy of the Great Recession, and when the FOMC is constrained in its ability to offset the additional fiscal drag with a more accommodative monetary policy."