Lawmakers have spent much of this year struggling to reach a deal that could get budget deficits under control. But the problem has been developing for at least a decade. In 2000, there was a $200 billion surplus.
Hundreds of thousands of veterans from the wars in Iraq and Afghanistan are looking for work. President Obama signed legislation meant to change that on Monday. The new law will give businesses tax credits for hiring vets.
Federal regulators have announced a nationwide review of foreclosures by the country's largest banks. The goal is to reach homeowners who've been treated unfairly, or who lost their house when they shouldn't have. Anyone in any stage of foreclosure during 2009 and 2010 is eligible for the review.
The supercommittee's failure to reach a budget deal had been predicted for days, even weeks. And now leaders in Washington cannot agree on who is to blame, or what should happen next. President Obama said he would veto any effort to get rid of the automatic spending cuts to domestic and defense spending.
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.
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