Over the fiscal cliff we go -- at least for tonight

STORY HIGHLIGHTS

• NEW: Biden heads to Capitol, suggesting a Senate deal is near


• A "notional agreement" is being discussed, Republican whip says


• Obama says more work will be needed and chides Congress for dragging its feet


• "Take the 84% of your winnings off the table," anti-tax crusader advises GOP

As the fiscal cliff looms, what's your New Year's message to Washington? Go to CNN iReport to share your video.

(CNN) -- The feared fiscal cliff was at hand Monday night, with senators discussing a deal struck by their leaders and no vote in the House of Representatives scheduled before a combination of tax increases and spending cuts starts to kick in.

After a day of negotiations among Senate leaders and the White House, Vice President Joseph Biden headed into a meeting with Senate Democrats on Monday night to pitch a deal to avert at least part of that combination, a Democratic source said. Arizona Sen. Jon Kyl, the Republican whip, told reporters earlier that a "notional agreement" had been reached, but was "not necessarily formalized."

But the House of Representatives adjourned without voting on anything -- and earlier remarks by President Barack Obama that chided Congress and warned that battles over spending still loomed, hit a nerve among several Republicans in the Senate.

"They are close, but they're not there yet," Obama said. "And one thing we can count on with respect to this Congress is that if there is even one second left before you have to do what you're supposed to do, they will use that last second."

The Bush administration's 2001 and 2003 tax cuts are set to expire at midnight Monday, and steep spending cuts set into law during the 2011 standoff over raising the federal debt ceiling start to kick in on Wednesday. Economists warn that could push the U.S. economy back into recession and drive unemployment back over 9% by the end of 2013.

Obama said the plan on the table would prevent a tax increase for the overwhelming majority of Americans, extend the child tax and tuition credits for families, extend credits for clean-energy companies and extend unemployment benefits for 2 million people. But he said lawmakers still have to figure out how to mitigate the impact of the planned cuts.

And he warned that if Republicans think they can get future deficit reduction solely through spending cuts "that will hurt seniors, or hurt students, or hurt middle-class families without asking also equivalent sacrifice from millionaires or companies with a lot of lobbyists ... they've got another think coming."

Latest updates: Final fiscal cliff scramble

That irked Republican senators who have been grappling for a deal with the Democratic majority in that chamber. Sen. Bob Corker, R-Tennessee, called the president's comments "very unbecoming of where we are at this moment" and added, "My heart's still pounding."

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

And Sen. John McCain said Obama "sent a message of confrontation to Republicans" with his remarks.

"People have to wonder whether the president really wants issue resolved, or is it in his short-term political benefit for us to go over the cliff," said McCain, R-Arizona.

Read more: Why your paycheck is getting smaller, no matter what

A source familiar with the negotiations said the proposals under discussion would generate $600 billion by ending the Bush-era tax cuts on individuals with incomes above $400,000 and families over $450,000. The top tax rate would return to 39.6% from its current 35%.

The deal would also increase the estate tax to 40% from the current 35% level and cap itemized deductions for individuals with incomes above $250,000 and household income over $300,000, the source said.

In the House, GOP sources said there's little practical difference in settling the issue Monday night versus Tuesday. But if House Republicans approve the bill on Tuesday -- when taxes have technically gone up -- they can argue they've voted for a tax cut to bring rates back down, even after just a few hours, GOP sources said. That could bring some more Republicans on board, one source said.

Read more: What if there's no deal on fiscal cliff

Earlier, a GOP source told CNN that the sticking point in talks was $24 billion in spending cuts being sought by Republicans in place of the $110 billion in automatic spending now set to take effect.

As Monday's deadline drew nigh, federal agencies were preparing for the possibility of furloughing workers. At the Pentagon, a Defense Department official said as many as 800,000 civilian employees could be forced to take unpaid days off as the armed services face an expected $62 billion in cuts in 2013 -- about 12% of its budget.

Read more: Medicare patients may suffer if country goes over fiscal cliff

Those workers perform support tasks across the department, from maintaining aircraft and weapons systems to processing military payrolls and counseling families. The Pentagon believes it can operate for at least two months before any furloughs are necessary, but has to warn its civilian workforce that furloughs could be coming, the official said.

The White House budget office noted in September that sequestration was designed in 2011 as "a mechanism to force Congress to act on further deficit reduction" -- a kind of doomsday device that was never meant to be triggered. But Congress failed to substitute other cuts by the end of 2012, forcing the government to wield what the budget office called "a blunt and indiscriminate instrument."

Despite Obama's backing, one leading Senate Democrat warned a deal could run into trouble -- not only from House Republicans who have long opposed any tax increase, but also from liberals in the Senate who oppose allowing more high-income households to escape a tax increase.

"No deal is better than a bad deal, and this looks like a very bad deal the way this is shaping up," Sen. Tom Harkin, D-Iowa, said.

Conservative lobbyist Grover Norquist, whose Americans for Tax Reform pushes candidates to sign a pledge never to raise taxes, said the plan "right now, as explained" would preserve most of the Bush tax cuts and wouldn't violate his group's pledge.

"Take the 84% of your winnings off the table," Norquist told CNN. "We spent 12 years getting the Democrats to cede those tax cuts to the American people. Take them off the table. Then we go back and argue about making the tax cuts permanent for everyone."

But Robert Reich, who served as labor secretary in the Clinton administration, said the $450,000 threshold "means the lion's share of the burden of deficit reduction falls on the middle class, either in terms of higher taxes down the road or fewer government services." In addition, he said, the plan does nothing to raise the federal debt ceiling just as the federal government bumps up against its borrowing limit.

And that, McCain told CNN, is likely to be "a whole new field of battle."

"We just added 2.1 trillion in the last increase in the debt ceiling, and spending continues to go up," McCain said. "I think there's going to be a pretty big showdown the next time around when we go to the debt limit."

CNN's Mike Pearson, Jessica Yellin, Dana Bash, Deirdre Walsh, Lisa Desjardins, Ted Barrett and Ashley Killough contributed to this report.

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New technology to keep drunk drivers from driving

(CBS News) CHARLOTTE, N.C. - The message from police to party-goers this New Year's Eve is: "Drive sober or get pulled over."

There were nearly 10,000 deaths from drunk driving in the U.S. last year, down 2.5 percent from the year before.

There is now a debate over technology that could prevent drunk drivers from starting their engines.

Meredith and Matt Eastridge, in an undated photo

/

CBS News

On October 29, 2010, Matt and Meredith Eastridge were pregnant with their first child, a son.

The same night, David Huffman spent the last two hours of his life getting drunk. He put away the equivalent of 15 drinks, each one recorded on a security camera.

The 25-year-old stumbled out of the Charlotte bar and three minutes later, Matt and Meredith Eastridge were critically injured when Huffman, with a blood alcohol content of .23 and driving 100 miles per hour, hurtled into their SUV.

"I remember saying look at that, look at that car. That was the last thing i remember" before being hit head-on, Meredith said.

Six months pregnant, Meredith lost their baby.

"I think about him every day, how old he would be and what he would be doing," Meredith said.

"There were multiple times in that night this tragedy could have been avoided," Matt said.

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Bud Zaouk is leading a research team creating technology that could help save 10,000 lives a year.

"One is breath-based and the other is touch-based. The idea is to develop a sensor that could detect if anyone is above the legal limit of .08 and prevent them from moving the vehicle and driving," Bud said.

With the touch-based detector, "you press the start button and it starts the vehicle. And it will be a small infrared light that shines inside the finger," Bud said.

The infra-red light looks for alcohol in the finger's tissue.

"Alcohol has its own unique optical signature," Bud said, and if the optical signature registers above .08, "then the vehicle prevents you from moving."

The sensor in the breath-based approach is located around the steering wheel.

"That infra-red light excited the molecules and allows you to find out how much alcohol you have in the breath. It's non-contact, non-invasive," Bud said.

The $10 million funding for Bud Zaouk's project is split between 16 carmakers and the federal government.

However, it's opposed by the American Beverage Institute, which represents 8,000 chain restaurants in the U.S.

The group made the following statement: "Drunk driving fatalities are at historically low levels. We shouldn't try to solve what's left of the drunk driving problem by targeting all Americans with alcohol sensing technology."

Bud Zaouk said the technology still needs work.

"I think at this stage we are probably looking at eight to 10 years, when you would start seeing it inside vehicles," Bud said.

The Eastridges now have a daughter, Sloane. They hope this technology will be standard in new cars by the time she is old enough to drive.

Read More..

Clinton's Blood Clot Could've Been Life Threatening

Hillary Clinton's latest health update -- cerebral venous thrombosis -- is a rare and potentially "life-threatening" condition, according to medical experts, but one from which the globe-trotting secretary of state is likely to recover from.

In an update from her doctors, Clinton's brain scans revealed a clot had formed in the right transverse venous sinus, and she was being successfully treated with anticoagulants.

"She is lucky being Hillary Clinton and had a follow-up MRI -- lucky that her team thought to do it," said Dr. Brian D. Greenwald, medical director at JFK Johnson Rehabilitation Center for Head Injuries. "It could have potentially serious complications."

The backup of blood flow could have caused a stroke or hemorrhage, according to Greenwald.

"Imagine this vein, where all the cerebral spinal fluid inside the head and spine no longer flows through this area," he said. "You get a big back up and that itself could cause a stroke. In the long-term … the venous system can't get the blood out of the brain. It's like a Lincoln Tunnel back up."

A transverse sinus thrombosis is a clot arising in one of the major veins that drains the brain. It is an uncommon but serious disorder.

Morne de Klerk/Getty Images

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According to Greenwald, the clot was most likely caused by dehydration brought on by the flu, perhaps exacerbated by a concussion she recently suffered.

"The only time I have seen it happen is when people are severely dehydrated and it causes the blood to be so thick that it causes a clot in the area," said Greenwald. "It's one of the long-term effects of a viral illness."

Drs. Lisa Bardack of the Mt. Kisco Medical Group and Dr. Gigi El-Bayoumi of George Washington University discovered the clot during a routine follow-up MRI on Sunday.

"This is a clot in the vein that is situated in the space between the brain and the skull behind the right ear," they said in a statement today. "It did not result in a stroke, or neurological damage. To help dissolve this clot, her medical team began treating the secretary with blood thinners. She will be released once the medication dose has been established."

Clinton is "making excellent progress," according to her doctors. "She is in good spirits, engaging with her doctors, her family, and her staff."

Clinton, 65, was hospitalized at New York-Presbyterian Hospital Sunday. She suffered a concussion earlier this month after she hit her head when she fainted because of dehydration from a stomach virus, according to an aide.

Dehydration can also precipitate fainting, according to Dr. Neil Martin, head of neurovascular surgery at University of California, Los Angeles Medical Center.

He agreed that the condition could potentially have caused a brain hemorrhage or stroke and been fatal.

"In patients with no symptoms after many days, full recovery is the norm," said Martin. "However, some cases show extension of the thrombus or clot into other regions of the cerebral venous sinuses, and this can worsen the situation considerably -- thus the use of anticoagulants to prevent extension of the thrombus."

But, he said, anticoagulants can be a "double-edged sword." With even a tiny injury within the brain from the concussion, these medications can cause "symptomatic bleed," such as a subdural or intracerebral hemorrhage.

The clot location is not related to the nasal sinuses, but are rather large venous structures in the dura or protective membrane covering the brain, which drains blood from the brain.

Read More..

Today on New Scientist: 28 December 2012

Best videos of 2012: Rare view of Challenger tragedy

Watch a rare amateur video of the Challenger explosion, our most-viewed video of the year

Strong jet stream super-charged US Christmas storms

Record snowfall and dozens of tornadoes snarled holiday travel as a powerful winter storm plowed across much of the US, while rainstorms battered the UK

2012 review: The year in life science

The year's biggest stories in life science, including James Cameron's descent into the Mariana trench and efforts to break into Antarctica's buried lakes

Superstorm lessons for adapting to climate change

As the post-Sandy rebuild gets under way, coastal cities around the world will be watching

Best videos of 2012: First MRI movie of childbirth

Watch a unique view of a baby's birth, at number 2 in our countdown of the year's top science videos

Fleadom or death: Reviving the glorious flea circus

The parasite-based sideshows were almost done for by the domestic vacuum cleaner - but they are bouncing back, finds Graham Lawton

Approval for gene-modified salmon spawns controversy

Apparently months late, US regulators have declared genetically engineered fish safe to farm and eat, but final approval could be some way off

Best videos of 2012: New aircraft flies inside out

Watch a novel flying machine use a unique mechanism to propel itself, at number 3 in our countdown of the top videos of the year

2012 review: The year in technology

The year's biggest stories in technology, including Kinect devices that may spot signs of autism and controlling a robot by the power of thought

Superdoodles: The science of scribbling

Far from being a distraction, doodling has an important purpose - and you can harness it

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Read More..

Electricity tariffs to be lowered

SINGAPORE: Electricity tariffs will be reduced by an average 3.7 per cent from January to March 2013.

SP Services attributed the reduction to lower costs of electricity generation, largely due to lower fuel prices compared to the previous quarter.

Non-fuel costs of power generation have also been adjusted.

The average monthly electricity bill for families living in four-room HDB flats will go down by S$3.83.

Tariffs were also reduced by 2.9 per cent in the fourth quarter of this year and 2.5 per cent in the third quarter.

- CNA/al

Read More..

Opinion: 12 lessons

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

STORY HIGHLIGHTS

• Dean Obeidallah: You are smarter today than 365 days ago


• Obeidallah: You probably learned a few Korean words like "Gangnam Style"


• He says we found out poultry can be a political tool and some people talk to chairs


• Obeidallah: The good news is that we'll soon forget the inane lessons of 2012

Editor's note: Dean Obeidallah, a former attorney, is a political comedian and frequent commentator on various TV networks including CNN. He is the editor of the politics blog "The Dean's Report" and co-director of the upcoming documentary, "The Muslims Are Coming!" Follow him on Twitter: @deanofcomedy

(CNN) -- You are smarter today than 365 days ago. You know more than you did at the end of 2011.

And here's the kicker, you may not even be aware of how much you learned this past year. It's analogous to how you're affected by the hit songs of boy bands. No matter how much you might try to avoid them, you can't, because these songs are everywhere. Consequently, the words are subtly drilled into your head and the next thing you know, you find yourself unconsciously singing along to the songs when they play on the radio.

So regardless if you were paying attention or not, there's a lot of new information from this past year trapped inside your brain. Here are just some of the things we collectively learned in 2012:

Dean Obeidallah

1. Mitt Romney had binders full of women

During the second presidential debate, Romney shared with us that when he was governor of Massachusetts, he had binders filled with information about women he was considering hiring. (When I was a teenager, I, too, had binders full of women. But mine I hid under my bed so my mom wouldn't find them.)

2. We picked up some Korean

We're not fluent yet, but thanks to the Korean pop singer PSY and his song "Gangnam Style," we all learned a few Korean words. And because of the song's ubiquitous music video -- which broke the record as the first video to get more than 1 billion views on YouTube -- some of us even have a vague idea of how to do his famous "horse dance."

3. Women love to read "porn"

The runaway hit book, "Fifty Shades of Grey," created a sensation across the country as women -- many over 30 years old -- bought this sexually provocative book, thus coining the term "mommy porn." In contrast, most men are waiting for the movie because we are more traditional in our "porn" tastes.

4. Poultry can be a political tool

Fast food chain Chick-fil-A went from just serving chicken to serving a political message as the head of the company announced publicly that he opposed marriage equality. Consequently, ordering a chicken sandwich at this chain came with a side dish of right-wing politics.

5. Some people talk to chairs

Clint Eastwood taught us at this year's Republican National Convention that you can have a full conversation on national television with your furniture. Hey, Clint made it OK for you to have a conversation with your couch or end table.

6. "James Bond" met the "The Real Housewives"

CIA Director David Petraeus resigned from his job because his extramarital affair was discovered. This is especially shocking because Petraeus' job as the nation's top spy chief was to keep secrets.

7. Cliffs are not just in nature

As we get closer to a precipitous "fiscal cliff" -- a term more overexposed than "Gangnam Style," it seems -- we have all learned that Congress has truly earned its low approval rating -- any lower and certain infectious diseases may become more popular than Congress.

8. What's the big deal with silver?

U.S. Olympian McKayla Maroney made it clear at the London Olympics that she was not impressed by winning the silver medal with her famous "I'm not impressed" face.

9. The way to reduce gun violence is more guns

At least this is what we were told by NRA's Vice President Wayne LaPierre in December as he called for armed guards to be placed in each of the roughly 100,000 public schools in the country.

10. Reality stars are not just for dysfunctional adults

Child star Alana "Honey Boo Boo" Thompson proved that children can be just as self-absorbed and horribly demanding as adult reality show stars.

11. Calendars are not always reliable

The fact you're reading this means that the Mayan apocalypse did not come to pass. That's good news. The bad news is that I now have to pay late fees on the credit cards I didn't pay because I thought there was a chance the Mayans were right.

12. America is the best democracy money can buy

This year's presidential election saw roughly $2 billion spent by the two campaigns and their supporters. That's more than the annual GDP of numerous countries.

You probably recalled more of these things than you guessed you would. While old acquaintances should not be forgot, the good news is that we will likely soon forget the details of the more inane lessons of 2012. Of course, the bad news is that they may be replaced by even more ridiculous ones in 2013.

Follow us on Twitter @CNNOpinion

Join us on Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Dean Obeidallah.

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Five killed in Oregon tour bus crash

LA GRANDE, Ore. Authorities say five people died and about 20 more were injured in a tour bus crash on an icy stretch of interstate in Oregon.

Police say the bus lost control around 10:30 a.m. on the snow- and ice-covered lanes of Interstate 84 in eastern Oregon. The bus crashed through a guardrail and went down an embankment a few hundred feet.

Rescue workers are using ropes to help retrieve people from the crash scene. State police say the charter bus was carrying about 40 people, but they did not say where the vehicle was traveling to or from.

The bus crash was the second fatal accident in Oregon on Sunday morning due to icy conditions. A 69-year-old man died in a single-vehicle rollover accident. CBS affiliate KOIN-TV in Portland reports both the 26-year-old driver, who is expected to survive, and the deceased passenger were wearing safety restraints.

Read More..

Fiscal Cliff-Hanger: No Vote Tonight, Reid Says

With less than two days remaining for Congress to reach a budget agreement that would avoid the so-called "fiscal cliff," a senior White House official tells ABC News that President Obama is still "modestly optimistic" that a deal can be struck to prevent middle class taxes from increasing on New Year's Day.

But a resolution to the ordeal won't come tonight.

Senate Majority Leader Harry Reid adjourned his chamber just before 6 p.m., ensuring a potential deal could not be voted on before senators return to business Monday morning.

The Nevada lawmaker vowed despite the recess, the parties' leadership would continue negotiations throughout the night.

Vice President Biden has now re-emerged as a key player, back in Washington and playing "a direct role" in trying to make a deal with Senate Republicans. Biden has been tapped because of his long-standing relationship with Senate Republican Leader Mitch McConnell.

A Democratic source says that McConnell seems to be genuinely interested in getting an agreement. The news dovetails with reports that the GOP has backed off a key Social Security measure that had stalled negotiations.

According to sources, the row was sparked when the GOP offered a proposal that included a new method of calculating entitlement benefits with inflation. Called the "chained consumer price index," or Chained CPI, the strategy has been criticized by some Democrats because it would lower cost of living increases for Social Security recipients.

"We thought it was mutually understood that it was off the table for a scaled-back deal," a Democratic aide said. "It's basically a poison pill."

Obama has floated chained CPI in the past as part of a grand bargain, despite opposition from the AARP and within his own party.

Also in the Republican plan brought today: An extension of the current estate tax and no increase in the debt ceiling. Higher income earners would see their taxes increase, but at levels "well above $250,000," the sources said.

That "major setback" in the talks was evident on the floor of the Senate this afternoon.

"I'm concerned about the lack of urgency here, I think we all know we are running out of time," McConnell said, "I want everyone to know I am willing to get this done, but I need a dance partner."

McConnell, R-Ky., said he submitted the Republican's latest offer to Reid, D-Nev., at 7:10 p.m. Saturday and was willing to work through the night. Reid promised to get back to him at 10 this morning, but has yet to do so.

Why have the Democrats not come up with a counteroffer? Reid admitted it himself moments later.

"At this stage we're not able to make a counteroffer," Reid said noting that he's had numerous conversations with Obama, but the two parties are still far apart on some big issues, "I don't have a counteroffer to make. Perhaps as the day wears on I will be able to."

McConnell said he believes there is no major issue that is the sticking point but rather, "the sticking point appears to be a willingness, an interest, or frankly the courage to close the deal."

J. Scott Applewhite/AP Photo

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Fiscal Cliff Negotiations: Could Economy Slip Back into Recession? Watch Video

Reid said late this afternoon that the fiscal cliff negotiations were getting "real close" to falling apart completely.

"At some point in the negotiating process, it appears that there are things that stop us from moving forward," he said. "I hope we're not there but we're getting real close and that's why I still hold out hope that we can get something done. But I'm not overly optimistic but I am cautiously optimistic that we can get something done."

Reid said there were serious difference between the two sides, starting with Social Security. He said Democrats are not willing to cut Social Security benefits as part of a smaller, short-term agreement, as was proposed in the latest Republican proposal.

"We're not going to have any Social Security cuts. At this stage it just doesn't seem appropriate," he said. "We're open to discussion about entitlement reforms, but we're going to have to take a different direction. The present status will not work."

Reid said that even 36 hours before the country could go over the cliff, he remains "hopeful" but "realistic," about the prospects of reaching an agreement.

"The other side is intentionally demanding concessions they know we are not willing to make," he said.

The two parties were met separately at 3 p.m., and before going in Reid said he hoped there would be an announcement to make on a way forward afterwards. But as of this evening there was no agreement and no counterproposal.

McConnell said earlier today he placed a call to Vice President Biden to see if he could "jump start the negotiations on his side."

In an interview aired this morning -- well before the breakdown -- Obama suggested that a smaller deal remained the best hope to avoid the perilous package of spending cuts and tax increases.

On NBC's "Meet the Press" the president said if Republicans agreed to raising taxes on top income earners it should be enough to avoid the triggers that would execute the $607 billion measure. Economists agree that going over the cliff would likely put the country back in recession.

"If we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy long-term," he said.

Saying the "pressure is on Congress to produce," the president did not specify what income level his party would deem acceptable as the cutoff for those who would see their tax rates remain at current levels.

The president has called for expiration of the "Bush-era" tax cuts to affect household earnings over $250,000 since the campaign, but has reportedly floated a $400,000 figure in past negotiations.

House Speaker John Boehner once offered a $1 million cut-off in his failed "Plan B" proposal, which failed to garner enough support among the House Republicans.

"It's been very hard for Speaker Boehner and Republican Leader McConnell to accept the fact that taxes on the wealthiest Americans should go up a little bit as part of an overall deficit reduction package," the president said.

Domestic programs would lose $55 billion in funding should sequestration pass, including $2 billion to Medicare and unemployment benefits. The Pentagon would take a $55 billion loss as well, or 9 percent of its budget.

Repeating remarks he made Friday after a meeting with congressional leaders,
Obama said that should negotiations fail he has asked Reid to introduce a stripped-down proposal to Congress for a straight up-or-down vote -- if it isn't blocked.

"If all else fails, if Republicans do in fact decide to block so that taxes on the middle class do in fact go up on Jan. 1, then we'll come back with a new Congress on Jan. 4, and the first bill that will be introduced on the floor will be to cut taxes on middle-class families," he said of the worst-case scenario. "I don't think the average person is going to say, 'Gosh, you know, that's a really partisan agenda.'"

The interview with the president was taped Saturday while Reid and McConnell scrambled to their offices for a solution behind closed doors. Press staking out Capitol Hill reported little public activity from the leaders or their surrogates. If negotiations are successful, the lawmakers could introduce a bill for vote this afternoon.

The Republican leaders immediately bit back at the president's remarks. In a written statement Boehner said casting blame was "ironic, as a recurring theme of our negotiations was his unwillingness to agree to anything that would require him to stand up to his own party. "

Read More..

Today on New Scientist: 28 December 2012

Best videos of 2012: Rare view of Challenger tragedy

Watch a rare amateur video of the Challenger explosion, our most-viewed video of the year

Strong jet stream super-charged US Christmas storms

Record snowfall and dozens of tornadoes snarled holiday travel as a powerful winter storm plowed across much of the US, while rainstorms battered the UK

2012 review: The year in life science

The year's biggest stories in life science, including James Cameron's descent into the Mariana trench and efforts to break into Antarctica's buried lakes

Superstorm lessons for adapting to climate change

As the post-Sandy rebuild gets under way, coastal cities around the world will be watching

Best videos of 2012: First MRI movie of childbirth

Watch a unique view of a baby's birth, at number 2 in our countdown of the year's top science videos

Fleadom or death: Reviving the glorious flea circus

The parasite-based sideshows were almost done for by the domestic vacuum cleaner - but they are bouncing back, finds Graham Lawton

Approval for gene-modified salmon spawns controversy

Apparently months late, US regulators have declared genetically engineered fish safe to farm and eat, but final approval could be some way off

Best videos of 2012: New aircraft flies inside out

Watch a novel flying machine use a unique mechanism to propel itself, at number 3 in our countdown of the top videos of the year

2012 review: The year in technology

The year's biggest stories in technology, including Kinect devices that may spot signs of autism and controlling a robot by the power of thought

Superdoodles: The science of scribbling

Far from being a distraction, doodling has an important purpose - and you can harness it

2013 Smart Guide: Wave goodbye to the mouse

The Leap, a 3D motion control device set to launch next year, will let you control your computer with touch-free hand and finger movements

Read More..

Italy upbeat at end of 2012 after year of market tension

ROME: Italy is ending 2012 on an upbeat note, with renewed financial market confidence and optimism among analysts that the worst of the financial crisis is over, despite expectations of political uncertainty in the run-up to a general election in February.

The Treasury's borrowing rates were slightly higher at short, medium and long-term debt auctions last week, but were well below levels seen at the end of 2011, when Prime Minister Mario Monti took over from Silvio Berlusconi as Italy teetered on the brink amid the eurozone debt crisis.

In late November 2011, the country was paying a 7.56 per cent rate for its benchmark ten-year bonds, sparking widespread concerns it might have to ask for a bailout.

On Friday, that rate stood at 4.48 per cent.

As 2012 draws to a close, "even if public debt has breached the two trillion euros mark, Italy's ability to finance itself is no longer in doubt," said Enrico Marro in Italy's Il Sole 24 Ore financial daily.

"For 2013, optimism reigns," he concluded.

The turnaround is principally the result of two factors: the European Central Bank's promise to buy sovereign debt issued by eurozone member states without limit if necessary if they meet certain strict conditions, and Monti's decisive reforms which have restored Italy's credibility internationally.

Experts have forecast a couple of months of volatility on the markets in the lead up to the February 24 and 25 elections, but the worst appears to be over.

Italian bank Intesa Sanpaolo said "the fever should drop off in 2013 compared with 2012."

The bond spread -- a key measure of the difference between Italian and German 10-year bond yields -- has also dropped sharply over the year, dipping below 300 basis points in early December from double that figure at its peak.

While European leaders congratulated Monti on restoring calm to the markets, Berlusconi's announcement at the start of December that he is running again for prime minister sparked panic and the spread began to inch up again.

The media magnate has dismissed the spread measure as "a trick and an invention" used to bring down his government.

Investors will be watching closely in the coming weeks to see if Berlusconi's large-scale media campaign for re-election wins him potential votes from Italians tired of Monti's austerity packages and record unemployment levels.

Renewed confidence in financial markets contrasts sharply with official forecasts for economic growth over the coming year, as Italy struggles to pull itself out of a recession.

Despite Monti's "Grow Italy" plan, the economy is not expected to return to growth before the end of 2012 or the beginning of 2014.

"Business and household sentiment does not appear to have benefited from the easing market tension," Intensa Sanpaolo said.

The government has forecast a 0.2 per cent contraction of the country's gross domestic product in 2013 -- an outlook considered overly optimistic by Italy's business association Confindustria, which expects GDP to shrink by 1.1 per cent next year.

One figure is on the rise however: the number of people on Twitter following Monti, who is drumming up support for a reform-led electoral campaign.

Monti, who resigned last week after Berlusconi's People of Freedom party pulled support from the government, has said he is keen to lead the country again after the elections -- a message welcomed by the markets, European leaders and Italy's Catholic Church alike.

- AFP/ck

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