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It's the Economy

Key economic developments this week will include a Fed meeting, the release of the latest GDP figure, and new earnings and housing data, advises CNBC's Patti Domm.  The automakers report earnings this week, as will Boeing.  CNBC's Steve Liesman says we're "in neutral here," as far as the Fed in concerned, "unless the data convincingly breaks one way or the other."

The RNC is running a new Web ad -- directed by David Zucker of "Airplane!" and "Naked Gun" fame -- which hits Democrats on taxes.  "If Democrats take over Congress, they will raise taxes by $2.4 trillion to keep up with their reckless spending…  So maybe the question isn't 'Can you afford more of this?' But 'can you afford more of them?'" 

Treasury Secretary Hank Paulson is staying on the sidelines, adhering to a tradition that those in his post don't engage in such blatantly partisan work, "much to the chagrin of Republicans battling to retain control of Congress," per Bloomberg.  "With Paulson on the sidelines, Commerce Secretary Carlos Gutierrez and Labor Secretary Elaine Chao have been the most active economic officials stumping for Republican candidates."