The FOMC will be carefully evaluating incoming information bearing on the economic outlook and will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks.
Saltsman also tells me that Card and Krueger responded to the critique by Neumark and Wascher, in a paper published in the same issue of The American Economic Review as the Neumark and Wascher paper, re-evaluating their own data and scrutinizing payroll data raised by other scholars.
Without carefully and objectively evaluating the pros and cons of each existing tax preference, bad economic (and political) outcomes may ensue if the good is tossed out with the bad.