Political Bickering Hurts US Economy

 Continued political bickering¹ in the United States is hurting stock and commodity prices and slowing spending by some U.S. holiday shoppers.

Oil was selling at below $89 a barrel Monday, as traders worried that an economic downturn could cut demand for energy.  U.S. stocks were down in early trading, while European and Asian stocks were mixed at the close.  A report Friday showed a decline in consumer confidence, which could hurt the consumer spending that drives most U.S. economic activity.

U.S. President Barack Obama, his Democratic Party allies in Congress and opposition² Republicans are locked in a stalemate over spending and taxes.  They are seeking an agreement on whether or not to raise taxes only on the rich and where and how much to cut spending by the end of this year.  If they fail, some drastic across-the-board tax hikes and spending cuts go into effect automatically.

Many economists³ warn raising taxes and cutting spending will reduce demand in the U.S. economy and push it back into recession.  An economic downturn in the world's largest economy could hurt demand for products from the many nations that sell things to the United States, hurting their economies as well.

1 bickering   

v.争吵( bicker的现在分词 )；口角；（水等）作潺潺声；闪烁

参考例句：

• The children are always bickering about something or other. 孩子们有事没事总是在争吵。
• The two children were always bickering with each other over small matters. 这两个孩子总是为些小事斗嘴。 来自《现代汉英综合大词典》

2 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

3 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》