Survey: Americans Cutting Back On Spending

A new survey shows many Americans are tightening their purse strings...and that could mean bad news for the economy. Nearly 75 percent of consumers say they're cutting back on spending to deal with smaller paychecks and higher gas prices.

The payroll tax holiday that expired this year has some workers seeing 50 to more than 150 dollars less in their paychecks. To deal with the budget crunch, about a third of those surveyed say they're spending less on dining out while 25 percent say they'll cut back on travel.

(source: CNN)