According to third-quarter 2012 figures from the Federal Reserve, American consumers used less than 11 percent of their after-tax income on debt payments. The percentage has not been at a lower level since the early 1980s.
State Budget Solutions, a non-partisan advocate for state budget reform has released a new study revealing that state government debt amounts to $13,425 for every American and $37,486 for every private sector worker in this country.
The failure of a special deficit-reduction supercommittee sets up a year-end battle between President Barack Obama and a dysfunctional Congress over renewing a payroll tax cut and jobless benefits for millions.
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