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President wants everyone but himself to pay more
Topic - Jeffrey Kleintop
The death of Osama bin Laden improved President Obama's re-election prospects and strengthened his hand in negotiations with congressional Republicans, raising hopes in financial markets that it will be easier to cut defense spending and make progress tackling the budget deficit in coming weeks.
“Weak income growth and hiring is keeping a lid on consumer spending power,” with higher payroll taxes and gas prices “adding to the drain” this year, he said.
Although consumers are being nicked by the loss of some government services with the latest round of budget cuts, they could take an even bigger hit at the end of the month if the stalemate in Washington results in a full-scale government shutdown, he said.