Web Exclusive: People struggling to pay bills moving to suburbs - KYTX CBS 19 Tyler Longview News Weather Sports

Web Exclusive: People struggling to pay bills moving to suburbs

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(CBS/CNN) - If you're a gamer, today is a big day.  Microsoft will unveil its next-generation XBOX console today. The big announcement takes place at its headquarters in Redmond, Washington. There's plenty of speculation swirling on what new features it will include. Microsoft debuted the XBOX 360 in 2005.  It's been the top-selling video-game console in the U.S. for the past 28 months.  Microsoft no doubt wants to continue that success with its next-generation XBOX.


Apple CEO Tim Cook will testify before a senate subcommittee today.  This comes a day after an investigation into Apple's offshore tax structure found the computer giant employs a group of affiliate companies outside the united states to dodge paying billions of dollars in U.S. income taxes.  Many other multi-national corporations use similar techniques.  The report is raising questions about the loopholes in the U.S. tax code.

As the U.S. Treasury faces the very real prospect of defaulting on the national debt.  Treasury Secretary Jacob Lew says he will buy more time by tapping into two government employee retirement funds.  The money will be replaced with interest until lawmakers vote on whether or not to raise the debt limit.  

A new report shows more people-- who are struggling to pay their bills-- have moved to the suburbs.  According to the Brookings Institution, poverty soared 67% in the nation's suburbs from 2000 to 2011.  Nearly 16 and a half million suburban residents are now living below the poverty line, about 3 million more than in the cities.  The report suggests affordable housing and growth in lower paying service sector jobs convinced many poor people to leave the city for the suburbs.

 

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