Economy slowing due to tax hikes, spending squeeze

02/7/2013 | CNNMoney

Sequestration cuts and tax increases will hamper the economy's growth, slowing it this year to 1.4%, the nonpartisan Congressional Budget Office said this week. The CBO projects a pickup in the economy in 2014, and said sequestration would shrink the deficit until 2015, but that beyond that time, deficits would grow again as the population ages and federal debt servicing and health care costs climb.

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