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Business News at 5:30 p.m.
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NEW THIS DIGEST:
Adds: WASHINGTON POST-PERSONNEL, CUBA-OIL DREAMS, LATIN AMERICA-MIDDLE CLASS
Updates: SWITZERLAND-DIAMONDS, EARNS-CISCO, WALL STREET
FISCAL CLIFF-WHO'S AFFECTED
WASHINGTON â¿¿ Everyone who pays income tax â¿¿ and some who don't â¿¿will feel it. So will doctors who accept Medicare, people who get unemployment aid, defense contractors, air traffic controllers, national park rangers and companies that do research and development. The tax increases and spending cuts known as the "fiscal cliff" take effect in January unless Congress passes a budget deal by then. And no matter who you are, it will be all but impossible to avoid the pain. By Economics Writer Christopher S. Rugaber.
â¿¿ FISCAL CLIFF-WHO'S AFFECTED-GLANCE â¿¿ What is in the $670 billion U.S. fiscal cliff and who would pay how much, at a glance.
â¿¿ OBAMA â¿¿ Obama to meet with labor leaders about impending "fiscal cliff," prospect of raising taxes on the wealthy. AP photo.
WASHINGTON â¿¿ The federal government started the 2013 budget year with a $120 billion deficit in October, an indication that the nation is on a path to its fifth straight $1 trillion-plus annual deficit. A soaring deficit puts added pressure on President Barack Obama and Congress to seek a budget deal in the coming weeks. By Economics Writer Martin Crutsinger.
THANKSGIVING TRAVEL OUTLOOK
NEW YORK â¿¿ The number of Americans hitting the road this Thanksgiving is expected to increase slightly from a year ago. But they'll take shorter trips to save on gas and other costs as household budgets remain tight. AAA says Tuesday in its annual Thanksgiving forecast that a stronger economy is needed to spur a bigger jump in holiday travel growth. AAA predicts 43.6 million Americans will travel at least 50 miles from home over Thanksgiving, up just 0.7 percent from last year. By Travel Industry Writer Samantha Bomkamp.