We need to recognize that there was broad based growth in the private sector and, as reported in the Washington Post, " for the entire year, GDP grew at a ... faster pace than in 2011."  While cuts in federal spending are being targeted as the reason for the   economy's drop, we have been warned that figures for the quarter may be revised upward as Wednesday's report "was the government's first crack at measuring economic data in the fourth quarter and the data are often revised".