Taxes, Gas Prices | featured news

Retail sales barely rose in January as tax increases and higher gasoline prices restrained spending, suggesting a slowdown in the pace of consumer spending early in the first quarter.

Facing intensifying election-year attacks over rising energy prices, President Barack Obama will seek on Thursday to shift the spotlight onto oil and gas companies by calling for the repeal of tax breaks that benefit the industry.

With high gas prices and federal deficits in the political spotlight, senior Democrats believe that Senate Republicans will support an idea they otherwise might not like.