The picture is decidedly unpretty, with the Harris analysis amping up on earlier economist projections over how much damage the fiscal cliff triggers would impose on an already languishing U.S. economy .

From the the labor market to manufacturing , the latest round of government reports shows a slowdown from the encouraging pace of growth seen earlier this year.

Whereas the consensus has been for a drag of about $500 billion or 3.8 percent of gross domestic product , Harris said the actual total is closer to $720 billion, or 4.6 percent of GDP.

The areas of the economy likely to suffer the most damage are the most vulnerable — capital spending, home and auto sales and employment , which has slowed considerably over the past three months after strong wintertime gains.

"The cliff is likely to hurt growth this year as much as next year," Harris said. "By risking a recession-sized fiscal contraction and then offering no guidance to how it will be resolved, politicians are creating a major uncertainty shock."

In remarks to a Senate panel this month, Bernanke was sure to mention the dangers of inaction by Washington both on the fiscal cliff and policy in general, which he said risked both neglecting deficit reduction as well as promoting growth.

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