White House, Republicans seal deal on fiscal cliff crisis

WASHINGTON: The White House and top Republicans struck a deal late Monday to avert huge New Year tax hikes and spending cuts known as the "fiscal cliff" that had threatened to send the US economy into recession.

The pact would raise taxes on the richest Americans -- those earning over $450,000 a year -- but exempt everyone else, and will put off $109 billion in budget cuts across the government for two months, top congressional aides said.

Vice President Joe Biden, who negotiated the deal with Republican Senate Majority leader Mitch McConnell, was on Capitol Hill to sell it to Democratic senators, a White House source added.

Tax hikes and spending cuts were due to come into force on January 1. But as global markets, sure to be rocked by a failure to head off the fiscal cliff, are closed for New Year's day, lawmakers have time to vote the deal into law.

A Senate vote was expected overnight on Monday while the House of Representatives was expected to follow suit on Tuesday after a display of dramatic New Year's Eve brinkmanship.

The deal would mean a return to Bill Clinton-era tax rates for top earners to 39.6 percent, starting at a threshold of annual household earnings of $450,000 and above.

Obama had originally campaigned for tax hikes to kick in for those making $250,000 and above and his acceptance of a higher threshold has already angered liberals, though still represents a political victory.

The president said it would extend tax credits for clean energy firms and also unemployment insurance for two million people due to expire later Monday.

It was also expected to include an end to a temporary two percent cut to payroll taxes for Social Security retirement savings and Medicare health care programs for seniors and changes to inheritance and investment taxes.

The president angered Republicans in remarks in which he warned -- in what is certain to be a bitter fight over cutting the deficit -- that he was not done with seeking higher taxes for the rich.

"Now, if Republicans think that I will finish the job of deficit reduction through spending cuts alone... then they've another thing coming," Obama said, and also poked fun at the glacial pace of Congressional deliberations.

Republicans immediately took to the floor of the Senate to complain.

Senator John McCain accused Obama of ridiculing Republicans and of needlessly antagonizing House of Representatives' members required to vote for the deal.

Republican Senator Bob Corker said his heart was pounding with disappointment at Obama's remarks.

"I know the president has fun heckling Congress. I think he lost probably numbers of votes with what he did," he said.

"It's unfortunate he doesn't spend as much time solving problems as he does with campaigns and pep rallies."

Signs that a deal could be close cheered investors Friday as US markets rose before closing for the year. The Dow Jones Industrial Average closed up 166.03 points (1.28 percent) at 13,104.14.

Both sides were Monday already gearing up for the next legislative showdown over the need to lift the government's statutory borrowing limit of $16.4 trillion, which was reached Monday.

The Treasury will now take extraordinary measures to keep the government afloat for an undisclosed period of time until the ceiling is raised. Republicans are already demanding spending cuts in return.

"I think there is going to be a pretty big showdown next time when we go to the debt limit," McCain told CNN.

-AFP/ac

Read More..

Global rights bodies slam India for 'weak' rape laws

NEW DELHI: The Indian government has come under attack from global human rights bodies for its inadequate laws against sexual violence or treatment of survivors.

Meenakshi Ganguly, South Asia director at Human Rights Watch, said, "The government needs to act now to prevent sexual assault, aggressively investigate and prosecute perpetrators, and ensure the dignified treatment of survivors."
The US embassy, in a statement, also mourned the death of the victim — ""We are deeply saddened to learn that the victim of a horrific assault in New Delhi Dec 16 has died," an embassy statement said. "As we honour the memory of this brave young woman, we also recommit ourselves to changing attitudes and ending all forms of gender-based violence which plagues every country in the world."

Meanwhile, UNICEF drew attention to the fact that an alarmingly large number of victims of sexual violence in India are children. "It is alarming that too many of these cases are children. One in three of the rape victims is a child. More than 7,200 children , including infants are raped every year. Given the stigma attached to rapes, especially when it comes to children, this most likely is only the tip of the ice berg," said Mr. Louis-Georges Arsenault, UNICEF Representative to India.

Read More..

Space Pictures This Week: Ice “Broccoli,” Solar Storm

• 
  
  
  
  
  
  
  

  Happy Trails

  Photograph by Alex Cherney, TWAN

  Amateur astronomer Alex Cherney captured these star trails as they blazed above Lake Tyrrell, a salt lake in Victoria, Australia in October 2011 and posted to The World At Night website December 25, 2012.

  (See pictures of another Australian salt lake, Lake Eyre.)

  Published December 31, 2012

  
  











• 
  
  
  
  
  
  
  

  Tokyo From Space

  
  Image courtesy DLR

  The sprawling Japanese capital Tokyo looks like a funky computer chip in this image taken by Germany's Earth-observing satellite TerraSAR-X and released December 20.

  Launched in 2007, the satellite's radar sensors map Earth from 319 miles (514 kilometers) up in a near-polar orbit.

  Published December 31, 2012

  
  











• 
  
  
  
  
  
  
  

  Extreme View

  
  Image courtesy SDO/NASA

  NASA's Solar Dynamics Observatory snapped this extreme ultraviolet view of an active region on the sun as it rotated into view from December 16 to December 18. Ultraviolet light makes it easier to trace the whorls and loops created by superheated gas, or plasma, and the sun's magnetic field lines.

  Active solar regions such as this create space weather that, when aimed at Earth, can disrupt satellite communications and electronics. (See more pictures of solar activity and space weather.)

  Published December 31, 2012

  
  











• 
  
  
  
  
  
  
  

  Saturn’s Dark Side

  
  Image courtesy SSI/Caltech/NASA

  This image of the unlit side of Saturn's S rings, released December 24, was taken with visible light by NASA's Cassini spacecraft.

  The shadow of Saturn's innermost major moon, Mimas, is visible as a black oval south of the rings' shadow. For those with completely dust-free computer monitors, Janus, another Saturnian moon, is visible as a tiny white speck above the planet's north pole. (Learn about Saturn's major moons.)

  Published December 31, 2012

  
  











• 
  
  
  
  
  
  
  

  A River Runs Through It

  
  Image courtesy ESA/JAXA

  The European Space Agency released this picture—taken by Japan's satellite ALOS—of Italy's longest river on December 14.

  The Po river and its surrounding fields divide Italy into its northern and southern regions. The Japanese used ALOS, which they lost contact with in late April 2011, to generate precise land maps, monitor disasters, and conduct resource surveys. (Read an excerpt from National Geographic magazine about the Po river.)

  Published December 31, 2012

  
  











• 
  
  
  
  
  
  
  

  Glacial "Broccoli"

  
  Image from DigitalGlobe/Getty Images

  The Moshniy glacier, located on the Russian archipelago Novaya Zemlya in the Arctic Ocean, calves chunks of ice and debris into a pattern reminiscent of broccoli in an image released December 20.

  Novaya Zemlya was a sensitive military area during the Cold War, and was also the site of the most powerful nuclear device ever detonated. The energy released by the 50-megaton "Tsar" bomb was ten times that of all the explosions set off during World War II.

  Published December 31, 2012

  
  











• 
  
  
  
  
  
  
  

  Image courtesy Caltech/SSI/NASA

  Published December 31, 2012

  
  

');

---

 $'+ doc.ngstore_price_t +'';
html += ' $'+ doc.ngstore_saleprice_t +'';
} else {
html += ' $'+ doc.ngstore_price_t +'';
}
html += '

';

$("#ecom_43331 ul.ecommerce_all_img").append(html);




o.totItems++;

}// end for loop
} // end if data.response.numFound != 0

if(o.totItems != o.maxItems){
if(o.defaultItems.length > 0){
o.getItemByID(o.defaultItems.shift());
} else if(o.isSearchPage && !o.searchComplete){
o.doSearchPage();
} else if(!o.searchComplete) {
o.byID = false;
o.doSearch();
}
}// end if
}// end parseResults function

o.trim = function(str) {
return str.replace(/^\s\s*/, '').replace(/\s\s*$/, '');
}

o.doSearchPage = function(){
o.byID = false;

var tempSearch = window.location.search;
var searchTerms ="default";
var temp;

if( tempSearch.substr(0,7) == "?search"){
temp = tempSearch.substr(7).split("&");
searchTerms = temp[0];
} else {
temp = tempSearch.split("&");
for(var j=0;j 0){
o.getItemByID(o.defaultItems.shift());
} else if(o.isSearchPage){
o.doSearchPage();
} else {
o.doSearch();
}

}// end init function

}// end ecommerce object

var store_43331 = new ecommerce_43331();





store_43331.init();

Read More..

What Happens If We Go Over the Fiscal Cliff?

America is swiftly approaching the fiscal cliff.

President Obama and congressional leaders have talked for weeks with varying degrees of frequency and success at compromising, and one precept resonates throughout the public statements of politicians and economists: the so-called "fiscal cliff" would be a very bad thing.

But what actually happens if Washington takes us over it?

As has been well documented, the "cliff" is not one thing, but a ball of expiring economic provisions that lead to automatic policy changes at year's end, loosely grouped under the catch phrase. They fall into two categories, taxes and spending.

Should we fall off the cliff, the tax code would change most dramatically with the expiration of the so-called "Bush tax cuts," which created new brackets and lowered tax rates for both middle-class and high earners. According to the Tax Policy Center at the Washington, D.C.-based Brookings Institution, the average American taxpayer would see a tax hike of $3,446, ABC's David Muir reported for "World News."

Where do the hikes fall, exactly? For many tax brackets, rates would jump by at least three percentage points. The middle class would see the worst of it, according to analysis from the Congressional Research Service, the nonpartisan research arm that studies policy changes at Congress's request.

Charles Dharapak/AP Photo|Bill O'Leary/The Washington Post via Getty Images

For high earners, married couples making more than $222,300 but less than $397,000, rates would jump from 33 percent to 36 percent. For the highest earners, couples making over $397,000, taxes would rise from 35 percent to 39.6 percent.

But they'd rise for almost everyone else, too. Couples making $145,900 - $222,300 would see a rate jump from 28 percent to 31 percent. Couples making $72,300 - $145,900 would see rates jump from 25 percent to 28 percent.

The middle class would take the biggest hit: Married couples earning $60,350 - $72,300 would see tax rates jump from 15 percent to 28 percent. That means that without any credits or deductions, a couple making $65,000 would go from taking home $55,250 to taking home $46,800 next year if Congress and the president fail to strike a deal.

The cliff's tax implications go beyond the simple income-tax rate: The Alternative Minimum Tax (AMT) and the estate tax are also on the table with year-end deadlines.

The AMT is a tax that prevents high earners from escaping income-tax liability by claiming too many deductions. Taxpayers over a certain income add back certain deductions to see if they must pay a minimum rate. Ever since Bush's tax cuts, Congress has repeatedly extended an "AMT patch" to maintain the income threshold. According to the Congressional Research Service, if Congress doesn't act again this year, that threshold will drop from $74,450 to $45,000 for married couples and from $48,450 to $33,750 for individuals, exposing more people to the alternative minimum.

The estate tax, demonized by Republicans as the dreaded "death tax," would change significantly. Right now, estates of over $5.12 million are taxed at a maximum of 35 percent. If Congress doesn't act, next year estates of over $1 million will be taxed at 55 percent.

No one likes paying taxes, but the spending side of the cliff isn't supposed to be all that fun, either.

Read More..

From partisan perspective, ‘cliff’ may not be that scary

To many Americans, what’s going on in Washington looks like a circus show that isn’t the least bit entertaining — the nation’s leaders seemingly unable to come up with a deal that keeps most people from paying higher taxes.

But there is a logic to it. For all the posturing of the last few weeks, both sides see a measure of political upside in going over the “fiscal cliff” — or, at the least, an advantage in waiting until the last minute, since they want to avoid drawing the ire of their most loyal supporters by appearing to cave too quickly.

“This is a town where each side seems to see a political advantage to their position when nothing is happening,” said Sen. Ben Nelson (D-Neb.), who will retire Thursday and cautioned his colleagues against leaving the tricky negotiations for newcomers who will take office in a few days. “There’s enough blame to go around.”

Late Sunday, Vice President Joe Biden and Senate Minority Leader Mitch McConnell (R-Ky.) were engaged in high-stakes, last-minute talks on a deal that would avert the most significant economic effects of the fiscal cliff. There remained hope on Capitol Hill that a breakthrough could lead to votes in the House and Senate on Monday, ahead of a midnight deadline.

Lawmakers said they were deeply frustrated — even disgusted — by the spectacle of the lurching talks. But they said they have become resigned to last-second dealmaking in a divided Congress.

“It’s under the crucible of a time constraint that this place acts,” Rep. Scott Rigell (R-Va.) said.

For both parties, there are some logical incentives to go over the cliff.

Democrats are fresh off electoral victory in November and fighting a reputation that they too easily give ground. The way they see it, they’ll get what they want no matter what. Either they get a deal that includes tax increases on the wealthy or they go over the cliff. At that point, taxes would go up for everyone, and the Democrats would immediately move to cut rates for all but the wealthy.

They may, in fact, get more of what they want by waiting. As of late Sunday, for instance, Democrats appeared willing to agree to raise rates only for those making more than $400,000. But if they go over the cliff, Democrats would have less need to negotiate and could seek to set that number at $250,000, their original goal.

Sen. Patty Murray (D-Wash.) on Sunday reiterated a view she has pressed repeatedly with her Democratic colleagues: Going over the cliff is better than agreeing to a bad bargain. “We can’t accept a bad deal just because we’re here,” she said. “We have to keep working to get a good deal.”

Deal or no deal, the longer the current dynamic lasts, the longer Democrats will seek to portray Republicans as beholden to the rich at the expense of the middle class.

“They say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they’re behaving is that their only priority is making sure that tax breaks for the wealthiest Americans are protected,” President Obama said Sunday on NBC’s “Meet the Press.” “That seems to be their only overriding, unifying theme.”

Read More..

Nine dead after bus careens into Oregon ravine

LOS ANGELES: A Canada-bound bus crashed through a guard rail on an icy road in Oregon on Sunday and careened into a ravine, killing at least nine people and injuring at least 18 others, state police said.

The bus fell a couple hundred feet before stopping, Oregon State Police said on its website, adding that the chartered bus was reportedly heading home to Vancouver, Canada from Las Vegas, Nevada.

Police in the northwestern state are still investigating the cause of the crash, which occurred in the morning near the city of Pendleton, in northeastern Oregon.

The rescue effort was complicated by the drop-off from the highway, and police said "personnel trained for rope rescues" were called in to help.

About 40 passengers appeared to have been onboard the bus, but the numbers have not yet been confirmed.

The names and nationalities of the victims and other passengers were not immediately released, but many "are believed to be out of country residents," according to police.

Although the bus driver survived the crash, investigators have not been able to interview him due to the severity of the injuries.

There was at least one other fatal crash in northeastern Oregon early Sunday due to snowy and icy conditions, police said, urging all drivers to take precautions while traveling.

-AFP/ac

Read More..

Castrate all rapists, says Zubin Mehta

BEIJING: World famous composer of Indian origin, Zubin Mehta, called for castration of all accused in the Delhi gang-rape case and others found committing the rape in India. He expressed excitement about the protests against the gang-rape of Nirbhaya and expects positive changes to come out of it.

"I am fuming, but I see a very healthy sign of public objection, public demonstration. I hope it will not die down. I hope it will not be short-lived," Mehta told Toi in an exclusive interview.

He said the Indian government should realize what the people really want from it. "It is not only about justice, but the future of India. Police has to take it seriously".

Mehta said the issue is being discussed the world over like the case of Malala, the Pakistani girl, and brought shame to Indians. He also questioned the government's decision to shift the rape victim for medical treatment to Singapore. "Where they trying to remove her from the locality, for her own safety?" he asked.

The least that should be done is to castrate all the four accused in the Delhi gang rape case, he said. "I heard that a girl who reported rape was advised to marry one of the criminals. How can a human being do such a thing?" he asked.

"An important issue that needs to be addressed is how to look after the poor ladies who have been attacked," he said.

Read More..

How to Banish That New Year's Eve Hangover

For those of us who enjoy the occasional cocktail, the holiday season would be incomplete without certain treats of the liquid variety. Some look forward to the creamy charms of rum-laced eggnog; others anticipate cupfuls of high-octane punch or mugs of warm, spiced wine.

No matter what's in your glass, raising one as the year winds down is tradition. What could be more festive? The problem is, one drink leads to two, then the party gets going and a third is generously poured. Soon, the music fades and the morning arrives—and with it, the dreaded hangover. (Explore a human-body interactive.)

Whether it's a pounding headache, a queasy stomach, sweating, or just general misery, the damage has been done. So now it's time to remedy the situation. What's the quickest way to banish the pain? It depends who you ask.

Doctors typically recommend water for hydration and ibuprofen to reduce inflammation. Taking B vitamins is also good, according to anesthesiologist Jason Burke, because they help the body metabolize alcohol and produce energy.

Burke should know a thing or two about veisalgia, the medical term for hangover. At his Las Vegas clinic Hangover Heaven, Burke treats thousands of people suffering from the effects of drinking to excess with hydrating fluids and medications approved by the U.S. Food and Drug Administration.

"No two hangovers are the same," he said, adding that the unfavorable condition costs society billions of dollars-mostly from lost productivity and people taking sick days from work.

Hot Peppers for Hangovers?

So what's the advice from the nonmedical community? Suggestions range from greasy breakfasts to vanilla milkshakes to spending time in a steamy sauna. A friend insists hot peppers are the only way to combat a hangover's wrath. Another swears by the palliative effects of a bloody mary. In fact, many people just have another drink, following the old "hair of the dog that bit you" strategy.

Whether such "cures" actually get rid of a hangover is debatable, but one thing's for sure: the sorry state is universal. The only people immune to hangovers are the ones who avoid alcohol altogether.

So for those who do indulge, even if it's just once in awhile, see our interactive featuring cures from around the world (also above). As New Year's Eve looms with its attendant excuse to imbibe, perhaps it would be wise to stock your refrigerator with one of these antidotes. Pickled herring, anyone?

Read More..

Hillary Clinton Hospitalized With Blood Clot

Dec 30, 2012 8:11pm

(MICHAL CIZEK/AFP/Getty Images)

Secretary Hillary Clinton was hospitalized today after a doctors doing a follow-up exam discovered a blood clot had formed, stemming from the concussion she sustained several weeks ago.

She is being treated with anti-coagulants and is at NewYork-Presbyterian Hospital so that they can monitor the medication over the next 48 hours, Deputy Assistant Secretary Philippe Reines said.

Her doctors will continue to assess her condition, including other issues associated with her concussion. They will determine if any further action is required, Reines said.

Clinton, 65, originally fell ill from a stomach virus following a whirlwind trip to Europe at the beginning of the month, which caused such severe dehydration that she fainted and fell at home, suffering a concussion. No ambulance was called and she was not hospitalized, according to a state department official.

The stomach virus had caused Clinton to cancel a planned trip to North Africa and the United Arab Emirates, and also her scheduled testimony before Congress at hearings on the attack on the U.S. consulate in Benghazi, Libya.

According to a U.S. official, the secretary had two teams of doctors, including specialists, examine her after the fall.  They also ran tests to rule out more serious ailments beyond the virus and the concussion. During the course of the week after her concussion, Clinton was on an IV drip and being monitored by a nurse, while also recovering from the pain caused by the fall.

SHOWS: Good Morning America World News

Read More..

Agreement within reach on ‘fiscal cliff’ deal, officials say

President Obama and Senate leaders were on the verge of an agreement Friday that would let taxes rise on the wealthiest households while protecting the vast majority of Americans from historic tax hikes set to hit in January.

The development marked a breakthrough after weeks of paralysis. After meeting with Obama at the White House, Senate Majority Leader Harry M. Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) said they would work through the weekend in hopes of drafting a “fiscal cliff” package they could present to their colleagues on Sunday afternoon.

As the Senate began haggling over critical details, the emerging deal faced an uncertain fate in the House, where Speaker John A. Boehner (R-Ohio) failed just one week ago to persuade his adamantly anti-tax caucus to let taxes rise even for millionaires.

Still, on Friday, Obama pronounced himself “modestly optimistic” at a brief news conference at the White House. The ordinarily dour McConnell said he was “hopeful and optimistic.” And Reid immediately began preparing Senate Democrats for what could be a difficult vote.

“Whatever we come up with is going to be imperfect. Some people aren’t going to like it. Some people will like it less,” Reid said on the Senate floor before dozens of silent and attentive senators from both parties. But “we’re going to do the best we can for . . . the country that’s waiting for us to make a decision.”

According to people briefed on the talks, the developing package would protect nearly 30 million taxpayers from paying the alternative minimum tax for the first time and keep unemployment benefits flowing to 2 million people who otherwise would be cut off in January.

The deal also would likely halt a steep cut in Medicare reimbursements set to hit doctors in January and preserve popular tax breaks for both businesses and individuals, such as those for research and college tuition.

But the two sides were still at odds over a crucial issue: how to define the wealthy. Obama has proposed letting tax rates rise on income over $250,000 a year. Senate Republicans have in recent days expressed interest in a compromise that would lift that threshold to $400,000 a year, an offer Obama made to Boehner before the speaker abruptly broke off negotiations last week.

In addition to its political appeal, the $400,000 threshold has practical benefits, Republican aides said: It would limit tax increases to the very top tax bracket rather than the top two brackets. And it would avoid a quirk of the tax code that would cause rates to rise more dramatically for those earning between $250,000 and $400,000 than for households with much larger incomes.

The two sides also had yet to agree on another politically sensitive issue: how to tax inherited estates. Republicans — and many Senate Democrats from states with large family farms — want to maintain the current tax structure, which exempts estates worth up to $5 million and taxes those above that level at 35 percent. Obama has proposed a $3.5 million exemption and a tax rate of 45 percent, a proposal that is far more acceptable to liberal Democrats.

Read More..