Politicians look for credit in a rising economy Associated Press Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 9:37 am, Saturday, March 9, 2013 [...] the main factors affecting the current recovery and the record activity in the stock market may have less to do with high-profile fiscal policy fights in Washington than they do in the decisions of the Federal Reserve Bank, which has pumped trillions of dollars into the economy, kept interests rates at near zero and pushed investors away from low-yield bonds to stocks. "Economies recover," said Douglas Holtz-Eakin, a former director of the nonpartisan Congressional Budget Office and now head of the American Action Forum, a conservative public policy institute. If Democrats are eager to give President Barack Obama acclaim for spurring the recovery with an infusion of spending in 2009, there are just as many Republicans who will claim his health care law and his regulatory regimes slowed it. [...] a grand bargain has been elusive, caught in a fight over Obama's desire for more tax revenue and Republican opposition to more tax increases. Hiring has been boosted by high corporate profits and by strength in the housing, auto, manufacturing and construction sectors. March could prove to be a more telling indicator as the economy responds to a third month of higher Social Security taxes and as across-the-board spending cuts that kicked in March 1 begin to work their way through government programs. If the recovery has been slow, White House officials argue, it is because Republicans have been unwilling to yield to Obama's demands for deficit reduction that combines tax increases and cuts in spending.
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