Newt Gingrich is officially out of the presidential race. The former House speaker said Wednesday that he's suspending his campaign, and he's ready to help the presumptive Republican nominee, Mitt Romney, battle President Obama. But Gingrich might have a more pressing problem: His campaign has about $4 million in debt.
In Gingrich's exit speech, he opened by thanking people — first his family, then his financial backers.
"I also want to single out, first of all, the over 179,000 donors who helped us at Newt.org and who helped make the campaign possible," he said.
NPR's business news starts with falling profits for UBS.
(SOUNDBITE OF MUSIC)
GREENE: Suisse Bank UBS announced today that their profits fell 54 percent in the first quarter of this year. The drop is blamed on a decrease in investment banking income, and also because of an accounting charge on its debt.
In a little more than 10 years, the total amount of student loan debt in this country has doubled to more than $1 trillion. In the not too-distant-future, student loan debt will eclipse the amount of money Americans owe on their cars and credit cards.