Stepping Back From the Fiscal Cliff?

Laura Shin
Posted

While General David Petraeus’s affair and resignation from the CIA dominated the headlines, there were signs of compromise on the fiscal cliff. The Dems said they supported one of defeated GOP nominee Mitt Romney’s ideas for a hard cap on income tax deductions–for instance, limiting total deductions to $35,000. Bill Kristol, a leading conservative, said on Fox News Sunday, “It won’t kill the country if Republicans raise taxes a little bit on millionaires.”

BP agreed to pay $4.5 billion in penalties for the 2010 oil spill that ranks as the worst in U.S. history, and in the same week, a report by the International Energy Agency said that the U.S. would be the world’s leading oil producer by 2017.

Meanwhile, because Hurricane Sandy shuttered many places of work such as schools and construction sites, U.S. jobless claims rose and are expected to be up for the next several weeks. In a week when the stock market largely slumped, Facebook stock, which has been in the doldrums since its IPO, actually rose sharply when a “lockup period” ended, allowing certain shareholders to sell large amounts of stock.

In the world of startups, music streaming service Spotify received a round of financing that values the company at $3 billion. Twins Cameron and Tyler Winklevoss, famed for suing Mark Zuckerberg, claiming that Facebook was originally their idea, invested $750,000 in Hukkster, a startup that allows shoppers to be notified when the price drops on items they’re interested in buying.

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