Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP. Amosweb.com
The current unemployment statistics show that the unemployment rate is 7.7%. Does this mean that the GDP gap is 14%. If this is true than the economy is way off of its potential output.
The BLS estimates that real GDP is $15,797.4 Billion. Unless I messed up, the full employment output is $18,009 Billion. If taxes increase, and government spending decreases, the economy could sink further into recession.
If the economy is growing at 3% per year, it will take two more years to reduce the unemployment rate to 5.5%. Unfortunately, it doesn't work like this. I project that the US economy will be mired in recession for six more years.