WASHINGTON (AP) — The political standoff over the U.S. budget is slowing the U.S. economy — more so than any hesitance by Americans to spend freely.
That consensus emerges from the latest Associated Press Economy Survey just as the budget impasse in Washington is about to trigger automatic spending cuts across the economy.
Many of the economists think consumer spending has slowed in response to higher tax burdens but will rebound later in the year. By contrast, they worry that the budget fights in Washington will persist for much of 2013 and drag on economic growth.
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