Spike in Gas Prices Offsetting U.S. Tax Cut, Obama says

Washington Post reports President Obama acknowledged that the cost of gasoline is likely to diminish the effect of policies designed to stimulate economic growth.

The market news is quoted as saying:

An Energy Department analysis released this week says that the average U.S. household will pay $700 more in fuel costs this year, cutting into the $1,000 per year savings per family that Obama cited as a result of the payroll tax cut.

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