Speaker John Boehner and House Majority Leader Eric Cantor.
Photo by Win McNamee/Getty Images.
Shortly after 2 a.m. on New Year?s Day, 89 senators finally passed a cobbled-together deal to avert the ?fiscal cliff.? The big House Republican meet-up, the one that could end America?s least favorite epic drama, would come at 1 p.m. Reporters welcomed 2013 with cheap champagne in the Capitol rotunda.
Then, shortly after noon, while Vice President Joe Biden was telling House Democrats to back the bill, Republicans were telling reporters to check their optimism. This was not the come-to-Jesus meeting to whip votes. This would be a ?conversation,? a Festivus-like airing of grievances. Some time later, the Republican conference would meet to talk about passing the bill. When would they vote on it? Ask again later.
The worries were justified. Inside the conference, as Speaker of the House John Boehner stayed neutral, member after member got up to denounce the deal. Majority Leader Eric Cantor warned that he did not support the bill in its current form. ?When the leader speaks,? said one Republican member, ?people listen more closely.? His defiance meant a lot more than some panicky Senate votes.
?We should not take a package put together by a bunch of octogenarians on New Year's Eve,? said Ohio Rep. Steve LaTourette inside the meeting. After he left the room, Georgia Rep. Jack Kingston joked that the deal passed only because ?it was way past those senators? bedtimes and they had blurry eyes when they were reading? it. House Republicans? Why, they were ?trying to fill in the gaps they might have missed.?
Time and again, Washington is shocked by two incredibly well-known facts about House Republicans. One: They believe all of that stuff they tell their conservative audiences, from the town halls to the Sean Hannity remote feed. They ran in 2010 promising never to raise taxes and to take a samurai sword to the budget. Whatever Paul Ryan asked them to cut, they voted to cut. Two: Most of these members come from safe districts where the only threats to re-election are primary challenges or death by natural causes.
And yet they?re never, ever allowed to govern the way they want. Assume that they end up caving and passing a fiscal cliff compromise?[Update, Jan. 2: They did!]. That compromise punts the mandatory sequestration cuts from defense and discretionary spending, and ends the payroll tax cut and restores a higher tax rate on income above $450,000. If that happens, then for the third time in two years they?ve punted on huge spending cuts and entitlement reform, told once again that they can get them later. [Which is what happened late last night.]
Thus, the hours-long primal scream. When he left the afternoon meeting, Alabama Rep. Spencer Bachus said that the deal would have to be amended to include more spending cuts, which meant that it would go back to the Senate?he?d be ?shocked? if it didn?t?which in turn meant that it would be doomed by Democrats who refused to entertain more changes. Wouldn?t that backfire on Republicans? ?Sooner or later,? said Bachus, ?you have to think that out-of-control spending is going to doom the markets.?
Bachus had to say that. In 2012, he held back a primary challenge from a Republican who?d run to his right, branding him a crooked compromiser. ?Never has the anger in this country been so great,? said Bachus in his victory speech. ?I can certainly identify with those who voted for someone else.?
You identify with it, or you lose. Consider the letdowns that conservatives had to put up with. In February 2011, they wanted to pass a continuing resolution to fund the government, with $100 billion in cuts. But the cuts, as presented to them by leadership, were based on old budget baselines. Some conservatives wanted to shut down the government. Their leaders convinced them to cave, because it would ruin their image. The savings earned after bitter negotiations were about half as big as promised.
Philippine Stock Exchange President and CEO Hans Sicat, second from right, gestures as PSE treasurer Ma. Vivian Yuchengco rings the bell to signal the start of the first day of trading at Philippine Stock Exchange at the financial district of Makati, south of Manila, Philippines on Wednesday Jan. 2, 2013. Stock markets in Asia registered relief Wednesday over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession. (AP Photo/Aaron Favila)
Philippine Stock Exchange President and CEO Hans Sicat, second from right, gestures as PSE treasurer Ma. Vivian Yuchengco rings the bell to signal the start of the first day of trading at Philippine Stock Exchange at the financial district of Makati, south of Manila, Philippines on Wednesday Jan. 2, 2013. Stock markets in Asia registered relief Wednesday over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession. (AP Photo/Aaron Favila)
South Korean dancers in traditional costumes beat their drums during opening ceremony of the Year 2013 trading outside the Seoul Stock Exchange Tuesday, Jan. 2, 2013. The benchmark Korea Composite Stock Price Index (KOSPI) started up 16.69 points, or 0.84 percent, at 2, 013.74. (AP Photo/Ahn Young-joon)
Staff members of the Korea Stock Exchange Market salute to the national flag during the opening ceremony to commence the Year 2013 trading at the Seoul Stock Exchange Tuesday, Jan. 2, 2013. The benchmark Korea Composite Stock Price Index (KOSPI) started up 16.69 points, or 0.84 percent, at 2, 013.74.(AP Photo/Ahn Young-joon)
A Filipino trader blows a horn during the first day of trading at Philippine Stock Exchange at the financial district of Makati, south of Manila, Philippines on Wednesday Jan. 2, 2013. Stock markets in Asia registered relief Wednesday over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession. (AP Photo/Aaron Favila)
BANGKOK (AP) ? World markets registered relief Wednesday over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession.
Benchmarks in Australia and Hong Kong boomeranged on the first trading day of the year, just before Congress passed an emergency measure to avert much of the impact of tax-and-spending changes that were so steep they were dubbed the "fiscal cliff." Asian markets had slipped on Monday, fearing that negotiations over the measure might collapse.
Economists have been warning that the tax increases and spending cuts could take a chunk out of the U.S. economy; some experts predicted financial markets would plunge unless a clear-cut deal was reached.
Instead, markets in Asia and Europe blessed the stopgap measure approved late Tuesday in Washington to retroactively counter some of the "fiscal cliff" effects. The bill Congress passed awaits President Barack Obama's signature.
Hong Kong's Hang Seng index shot up 2.9 percent to close at 23,311.89, its highest finish since June 1, 2011. Australia's S&P/ASX 200 surged 1.2 percent to close at 4,705.90, its strongest finish in 19 months. South Korea's Kospi jumped 1.7 percent to 2,031.10.
European stocks jumped shortly after opening. Britain's FTSE 100 rose 1.6 percent to 5,989.24. Germany's DAX advanced 1.7 percent to 7,740.12 and France's CAC-40 also gained 1.7 percent at 3,701.90.
"People are very relieved this morning because the U.S. is very likely to fix its own problems in the next few days, so investors in Hong Kong are pretty optimistic," said Jackson Wong, vice president of Tanrich Securities in Hong Kong.
But some analysts said that expectations for a compromise were so low that any deal was viewed as positive.
"Among business leaders, I'm gonna say this deal isn't enough to move the needle on confidence. It may improve consumer confidence a little, investors obviously are celebrating a tentative deal but you know how transitory investor confidence can become," said Jack Ablin, chief investment officer at BMO Group.
Benchmarks in Singapore, Taiwan, India, the Philippines, Thailand and Indonesia posted solid gains. Markets in Japan and mainland China reopen Friday.
Uncertainty about the outcome of negotiations drove down Asian regional stocks Monday, the last trading day of 2012.
Australia's S&P/ASX 200 fell 0.5 percent to close at 4,648.90, as investors sold off stocks to lock in profits. Hong Kong's Hang Seng closed marginally lower. Singapore, New Zealand and India also declined. Japan and South Korea were closed.
The bill that Congress approved calls for higher taxes on incomes over $400,000 for individuals and $450,000 for couples, a victory for Obama. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. It also delays for two months $109 billion worth of across-the-board spending cuts that had been set to start affecting the Pentagon and domestic agencies this week.
Lorraine Tan, director at Standard & Poor's equity research in Singapore, said she believes U.S. growth in 2013 will be able to offset the impact of the tax increases and that companies would feel freer to spend now that the U.S. has taken a step back from the edge of the cliff.
Companies "can start to move ahead with any expansion plans they may have," Tan said. "You'll see some of that pent-up spending in 2013. And I think there's a lot of relief related to that."
Even if Washington bypasses the fiscal cliff, the next crisis is just around the corner, in late February or early March, when the government reaches a $16.4 trillion ceiling on the amount of money it can borrow.
Republicans say they won't go along with raising the limit on government borrowing unless the increase is matched by spending cuts to help attack long-term debt. Failing to raise the debt ceiling could lead to a first-ever U.S. default that could roil financial markets and shake worldwide confidence in the United States.
"Republicans vow not to raise the limit without sharp cuts in spending and Obama vows not to cut spending without further tax hikes. Two more months of shenanigans and waffling / seasick markets? It certainly looks that way," analysts at DBS Bank Ltd. in Singapore said in a market commentary.
U.S. stocks shot higher Monday on the belief that lawmakers would work out a deal. The Dow Jones industrial average rose 1.3 percent to 13,104.14. The Standard & Poor's 500 rose 1.7 percent to 1,426.19. The Nasdaq composite index rose 2 percent to 3,019.51.
Political gridlock has been rattling U.S. markets and shaking consumer and business confidence the past two years.
To end a 2011 standoff over raising the federal debt limit, lawmakers agreed to a Jan. 1, 2013 deadline to reach a deal over taxes and spending. If there was no agreement, more than $500 billion in tax increases would hit the economy in 2013 alone, along with $109 billion in cuts from the military and domestic spending programs ? hence the fiscal cliff.
After a fight over raising the debt limit last year, the credit rating agency Standard & Poor's took the unprecedented step of lowering the U.S. government's AAA bond rating because of the lack of a credible plan to reduce the federal government's debt.
___
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Be automatically entered to win a $500 weekly prize* and be a real goal-getter
We all make little slip-ups when it comes to our money ? whether it?s overspending during the holidays or forgetting to squirrel away a rainy-day fund. But have no fear. Mint is on a mission to help you turn those pesky money boo boos into money woooo-hooos in 2013.
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*Money Boo Boos Sweepstakes Official Rules
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Functional, beautiful lighting can?t be created from a single light source. To achieve optimum lighting for your home, consider using layers of light in each room. To help you visualize this, try thinking of each light source as a layer in a cake. Each layer brings a different flavor to the cake, but they come together to make a single delicious dessert. Layering lighting works in the same way, by blending together multiple light sources to create a rich and ambient atmosphere.
The bottom layer of the lighting cake is called the ?overall? layer or ?ambient? layer. This is the foundation of the room?s lighting design. Chandeliers, ceiling fixtures and wall sconces fall into this category, and are intended to create soft illumination for everyday use. The ambient layer will determine the general brightness of the room.?Choose to lower the lights?in bedrooms and dining rooms to generate a romantic atmosphere. Or use brighter ones in the kitchen to make the room feel vibrant and energetic.
The next layer of lighting is the ?task? lighting. This bright layer illuminates specific areas or surfaces to help with activities like cooking or reading. Because task lighting is more direct,?using more of these lights?instead of ambient lighting can help you save on energy bills.
Accent lighting refers to the top layer of our lighting system. This lighting helps enhance the room and create visual interest. You can use accent lighting to illuminate art or architectural elements. Accent lights are usually adjustable so they can be used to produce a variety of styles for the room. Put the icing on the cake by implementing decorative lights. This layer doesn?t necessarily add functional light to the room; it?s mainly there to complete the look of the room. Make sure these lights are on the dim side so they don?t overpower the rest of your d?cor.
Light layering techniques are especially relevant now around the holidays. String lights and candles are the perfect third or fourth layer for your home lighting scheme. Dim the ambient lights to make your Christmas tree and decorations really shine. A fireplace can also act as a cozy lighting source. Have fun decorating and happy holidays to you all!
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The amphibious vehicle sank in Lake Garda, killing 23 US soldiers just days before the end of the fighting in Europe. But the boat, and the remains of the soldiers, were lost until this week.
By Nick Squires,?Correspondent / December 13, 2012
More than 70 years after it sank in a lake in northern Italy causing the loss of 24 American soldiers? lives, a US amphibious vehicle has been found lying on the lake bed.
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Amateur historians had been searching for months for the relic ? a six-wheel, two-ton amphibious DUKW vehicle that sank during a storm on Lake Garda on the night of April 30, 1945 ? but were only able to confirm their find on Monday.
The DUKW, pronounced ?duck,? was carrying supplies and ammunition to an American military camp near the town of Torbole, at the northern tip of the lake, but sank as a result of gale force winds that were battering the area that night.
The truck was carrying 24 US soldiers aged between 18 and 25 from the 10th Mountain Division, only one of whom survived the accident. The men who died were from the division's 605th Field Artillery Battalion, as well as a driver from the Quartermaster Corps.
Days before armistice
The sinking happened just days before the end of fighting in Europe and the armistice with the Germans, on May 8, 1945.
?It was the biggest disaster to happen in modern times on Lake Garda,? said Mauro Fusato, the leader of the team that found the DUKW.?
The wreck of the vehicle was found with sonar lying at a depth of 905 feet ? one reason why it had not been located before.
?On Sunday, the sonar gave us an initial image, but it wasn?t clear enough to be able to say for sure that it was the DUKW,? Mr. Fusato told Ansa, an Italian news agency.
?On Monday, though, we used a remote-controlled camera and we saw it. It is intact and sitting upright.?
The next step is to try to identify any human remains that may still be lying around the wreck, as well as military equipment, insignia, and personal possessions. ?There are lots of objects around it, which could be the skeletons or remains of the soldiers who drowned,? said Fusato.
Any operation to recover them would be highly complex and technically challenging, however. The wreck lies too deep for divers, and there are old fishing nets and other debris on the lake bed that could snag underwater subs. Ultimately it will be up to the US government to decide whether to proceed with a recovery, the researchers said, adding that they had informed American diplomats of the discovery.
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The new slow loris species is found in the highlands of the island of Borneo and has been named Nycticebus kayan, after a major river, the Kayan, flowing through the region. The trio of scientists also found that two species previously considered sub-species in the Nycticebus genus are officially unique species.
"Historically, many species went unrecognized as they were falsely lumped together as one species," researcher Rachel Munds, of the University of Missouri Columbia, said in a statement.
Closely related to lemurs, the slow loris is found across Southeast Asia, from Bangladesh and China's Yunnan province to Borneo. To distinguish between species, the researchers focused on the seeming face masks of Borneo's slow lorises; fur patches cover their eyes, while their heads are covered with differently shaped caps. The examined photographs and museum samples for eight face mask features, finding there were four species of Bornean lorises. [See Photos of the Slow Loris Primates]
The new species to science, N. kayan, showed a dark, highly contrasting face mask, with dark patches around its eyes. From the specimen examined, the species is about 10.8 inches (273 millimeters) long and weighs about 14.5 ounces (411 grams). The other species include: N. menagensis, N. bancanus and N. borneanus. (N. menagensis had already been recognized as a species.)
The newly identified species illustrate the breadth of biodiversity yet to be discovered in the jungles of Borneo and nearby islands, the researchers noted. The slow lorises, as with other animals on these islands, face threats from human activity.
"The pet trade is a serious threat for slow lorises in Indonesia, and recognition of these new species raises issues regarding where to release confiscated Bornean slow lorises, as recognition by nonexperts can be difficult," said study researcher Anna Nekaris, of Oxford Brookes University in England, in a statement.
Munds, Nekaris and co-author Susan Ford of Southern Illinois University also note this week in the American Journal of Primatology that their results confirm the use of fur color and pattern as a valid way of distinguishing between species of small primates. Some researchers, they wrote, had claimed that because Bornean slow lorises are not a diverse group because they share similar cranial features and all are lacking an upper second incisor. The new study suggests otherwise, the team added.
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Speaker John Boehner and House Majority Leader Eric Cantor.
