NPR's business news begins with credit card debt rising.
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MONTAGNE: Americans are running up more debt on their credit cards, and that could be a good sign. The average American had almost $5,000 of credit card debt in the third quarter of 2012, up almost 5 percent over the previous quarter.
President Obama is now about to enter into a series of difficult talks on the so-called debt ceiling and the impending fiscal cliff. Lawmakers have until Dec. 31 to come up with a deal to prevent $700 billion from being cut from the federal budget.
Host Rachel Martin speaks with NPR's Shankar Vedantam about the psychology behind the fiscal cliff negotiations. Vedantam says humans evolved as short-term thinkers, which makes dealing with the long-term problem of the national debt particularly difficult.
Paul Ryan has a reputation as a deficit hawk. Mitt Romney's running mate has proposed budgets that cut non-defense spending significantly, and advocated controlling Medicare costs by making it a voucher program. But critics argue there's a lot in the Wisconsin congressman's record that undermines his deficit-hawk reputation.
When Ryan gave the GOP response to President Obama's State of the Union address last year, he restated his commitment to debt and deficit reduction.