John Timmons recently closed ear X-tacy, a record store he'd owned for 26 years. "People have priorities, and music is just not a top priority right now. That's what's really taken its toll on us," he says. Now, Timmons has to figure out what to do with the rest of his life.
The retailer's prepaid debit card is catching on with people who've been burned by extra charges at big banks. The card costs a flat $3 a month and doesn't allow overdrafts. Banks have lobbied against Wal-Mart's entrance into the financial sector, but "their worst fears came true," one analyst says.
President Obama Monday put the blame for the supercommittee's failure squarely on congressional Republicans — and their unwillingness to consider higher taxes on the wealthy. Obama also threatened to veto any effort to escape from the automatic spending cuts agreed to in August without a balanced plan to reduce the deficit. Robert Siegel talks to NPR's Scott Horsley for more.
After being dragged down by the congressional debate over whether to raise the debt ceiling last summer, the president remained largely silent on the supercommittee. Though the GOP has criticized the president for what they call "failed leadership," it's unclear whether his immediate involvement would have been helpful.
Occupy Wall Street makes some bold demands, including forgiveness of student debt. It's not likely to happen, but there is growing concern that student debt is out of hand. Is the government doing all it can to keep debt problems at a minimum?
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