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Wall Street executives are getting bonuses, giving parties and renting summer homes in the Hamptons again, but the rest of the economy is growing a lot more slowly.  What are the early indicators from holiday shopping?  What do shopping habits in China have to do with US recovery?  Also, Republicans are winning on tax cut deal and blocking everything else. On Reporter's Notebook, Utah conservatives propose a "comprehensive" approach to illegal immigration they insist is not "amnesty."

Banner image: Shoppers move about in Macy's department store in Midtown Manhattan November 26, 2010 in New York City. Photo: Chris Hondros/Getty Images

Making News GOP Winning on Tax Cut Deal, Blocking Everything Else 7 MIN, 47 SEC

In Winston-Salem today, President Obama addressed the burning issue in Washington, of what to do about the Bush tax cuts. "Our challenge now is to do whatever it takes to accelerate job creation and economic growth. Now in the short term, that means preventing the middle-class tax increase that's currently scheduled for January 1." Josh Gerstein report on the White House for Politico.

Josh Gerstein, Politico (@joshgerstein)

Main Topic Consumer Spending and Economic Recovery 34 MIN, 29 SEC

Consumer spending is 70 percent of the US economy, so what did Black Friday and Cyber Monday reveal about this year's holiday season? The 90 percent who are still employed are beginning to spend again. If Americans spent their way into the Great Recession, can we spend our way out of it? President Obama said today the US needs to get back to what it used to be famous for: inventing, building and exporting goods that say Made in America. Does the US need to become more like China is now, and does China need to be more like America used to be?

Kelli Grant, Senior Consumer Reporter, SmartMoney.com
Derek Thompson, The Atlantic (@DKThomp)
Karen Dynan, Co-Director of the Economic Studies Program, Brookings Institution
David Leonhardt, New York Times (@DLeonhardt)

Reporter's Notebook Utah Considers Alternative Approach to Immigration Reform 8 MIN, 42 SEC

Arizona law requires police officers to demand proof of citizenship from suspected illegal immigrants and to turn them over to federal authorities. Almost from the moment it took effect, it's been tied up in court. But group of conservatives endorsed by the Mormon Church says there's a better way. Paul Mero, who describes Arizona's "round 'em up approach," says, "There is no way in hell I will be part of rounding up innocent people." Mero, President of the Sutherland Institute, is leading fellow conservatives to push for adoption of the Utah Compact.

Paul Mero, President, Sutherland Institute

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