â¿¿ Though the economists favor reducing the government's budget deficit, nearly all prefer doing so over the long run rather than immediately.One consequence of the Washington budget battles was a deal between the White House and Congress to let a cut in Social Security taxes expire Jan. 1. That tax increase cost a typical household with $50,000 in income about $1,000. Retail sales slowed last month as a result. And some big retailers, notably Wal-Mart, blamed the Social Security tax increase for a darker outlook for sales in coming months.
AP Survey: US Budget Impasse Holding Back Economy
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