Recession Puts Brakes on Holiday Travel

Alberta Burrell and her family usually spend July 4 in South Carolina. But this year, they're riding out the holiday close to their New York home, reports CBS News correspondent Kelly Wallace.

"I look at my 401(k), I'm losing money in my 401(k), so we have to watch everything," Burrell said.

Nearly two out of three Americans are cutting back their vacation spending this summer. Even though gasoline is nearly $1.50 less than a year ago.

The economy is not the only thing dampening vacation plans this year, so is the weather. This sunshine in New York today is a rarity. It's rained 24 of the last 31 days.

On the Cape in Massachusetts, soggy days translate to empty beaches - and sagging profits. For some businesses, revenue is down by 25 percent.

"They are going to need a strong July and a strong August and a very good September," said Wendy Northcross, with the Cape Cod Chamber of Commerce.

It's drought that's the problem in Lake Travis, Texas, where favorite boating spots are drying up. The water here has dropped nearly 30 feet below normal.

"We're out here three to four days. In a month, we're wondering if we'll still be able to do that," said boater Grace Spears. "The lake is drying up."

Lousy weather and a slow economy are creating a season of discontent.

One bright spot - there are still 81 days left of summer to turn it around.