Twin explosions strike southern Syrian city
















BEIRUT (AP) — Syria‘s state-run news agency says two large explosions have struck the southern city of Daraa, causing multiple casualties and heavy material damage.


SANA did not immediately give further information or say what the target of Saturday’s explosions was.













The Britain-based Syrian Observatory for Human Rights says the blasts went off near a branch of the country’s Military Intelligence in Daraa.


The Observatory, which relies on a network of activists on the ground, says the explosions were followed by clashes between regime forces and rebels fighting to topple President Bashar Assad.


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Weinstein Co., Clear Channel, Madison Square Garden Hosting Benefit Concert for Sandy Relief
















LOS ANGELES (TheWrap.com) – Clear Channel Media, The Madison Square Garden Company and The Weinstein Company are joining together to produce a benefit concert to raise money for victims of Hurricane Sandy.


The concert, titled “12-12-12,” will feature live music, although the producers did not reveal who would be performing. The roster should be an A-list one though, given that this is the same group of corporate entities that backed “The Concert for New York City,” a star-studded affair with the likes of The Who and Billy Joel on hand to raise money for 9/11.













The concert for Sandy Relief will be held on December 12, 2012, at Madison Square Garden in New York, and the money raised will be dispensed through the Robin Hood Relief Fund.


Hurricane Sandy slammed into the Eastern Seaboard last week, leaving 110 people dead and more than 1 million without power. Damage from the storm is estimated to be between $ 30 billion to $ 50 billion in economic losses.


“12-12-12″ will be produced by James Dolan, executive chairman of The Madison Square Garden Company; John Sykes, president of Clear Channel Entertainment Enterprises; and Harvey Weinstein, co-founder and chairman of The Weinstein Company.


In a joint statement, the producers said: “The Concert for New York City was a night filled with emotion, courage and tremendous hope when we came together as a city following the 9/11 attack. Once again, our city, as well as millions of our neighbors in the tri-state area, are in desperate need of our assistance as they recover from Hurricane Sandy and rebuild their lives. We have no doubt that the event we are planning will be filled with unforgettable music, entertainment and that uniquely American spirit of community, compassion and generosity.”


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Gilead posts positive results in mid-stage Hepatitis C study
















(Reuters) – Gilead Sciences Inc on Saturday reported a 100 percent cure rate using a combination of drugs in a small number of patients with the most common and hardest to treat form of hepatitis C.


Rival Abbott Laboratories Inc, meanwhile, said a trio of its oral medicines to treat hepatitis C produced unprecedented cure rates in a larger number of patients who had failed to benefit from standard treatment, as well as very high cure rates for newly treated patients.













Data from both companies’ mid-stage trials were released Saturday at the annual meeting of the American Association for the Study of Liver Disease in Boston.


Gilead’s study, dubbed Electron, examined 25 patients with genotype 1 chronic hepatitis C virus (HCV) infection who were treated for 12 weeks with a combination of three drugs: sofosbuvir, ribavirin and GS-5885.


GS-5885 is from a promising new class of drugs known as NS5A inhibitors, which prevent the hepatitis C virus from replicating.


The infection was undetectable four weeks after completing therapy in all of the patients who had never received this combination of drugs before, Gilead said.


The drugs generally were well tolerated in the study, Gilead said.


In the sofosbuvir combined with GS-5885 and ribavirin patient groups, one patient dropped out because of an adverse side effect that the company said was unrelated to the drugs.


Sofosbuvir and GS-5885 are still being studied for their safety and efficacy.


The biopharmaceutical company will present the data on Tuesday at the annual meeting of the American Association for the Study of Liver Diseases in Boston.


Mark Schoenebaum, a biotech analyst with ISI Group, said in a research note that he expects Gilead shares to rise on Monday based on these “best case” results.


UBS analyst Matthew Roden said “these data strongly support Gilead’s leadership position” in the hepatitis C virus space.


Gilead recently started the first Phase 3 trial evaluating a fixed-dose combination of sofosbuvir and GS-5885 in patients with genotype 1 chronic hepatitis C virus infection who had not received these drugs before.


This study is evaluating the fixed-dose combination with and without ribavirin for 12- and 24-weeks in 800 patients, 20 percent of whom have evidence of cirrhosis, or liver scarring.


(Reporting By Debra Sherman; Editing by Vicki Allen)


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Philip Roth Is Retiring; Amazon Glitch Disables Buy Buttons
















Today in books and publishing: Philip Roth confirms his retirement; Amazon‘s mysteriously vanishing buy buttons; Kobo expands to Italy, Kindle considers China; cities in literature.


RELATED: Trikes, a Mustache, and Andy Warhol













Philip Roth wraps it up. One of America’s most celebrated living novelists has been hinting at retirement for a while now. But he didn’t choose to make a big announcement in a prominent stateside literary organ like The New York Review of Books. He chose instead to let it out in interviews with the foreign press over recent weeks. Last month he told Nelly Kaprièlian of French magazine Les Inrockuptibles that he hasn’t written new material in three years, and doesn’t plan to write any new novels. “To tell you the truth, I’m done,” he said frankly, “Nemesis will be my last book … Enough is enough! I no longer feel this fanaticism to write that I have experienced in my life.” He said the same thing in an interview with Italian magazine La Repubblica earlier this month. His publisher Houghton Mifflin confirmed that Roth is entering retirement. It looks the 74-year-old writer will have plenty of time to go over his life story and thoughts on literature with his new biographer, Blake Bailey. [Salon]


RELATED: How to Game Amazon Prime; Random House Consolidates in the Spanish Market


Where did Amazon‘s buy buttons go? Late last night, customers looking to replenish their Kindles with fresh e-books were probably quite frustrated. No matter how hard anyone clicked, there was no way to purchase e-books from Penguin, Random House, Macmillan, Simon & Schuster, Hachette, and HarperCollins through Amazon. A company spokesperson later confirmed that it was just a technical slip-up, and buy buttons were quickly restored. But given Amazon’s propensity to punish publishers that don’t bend to its will with disabled buy buttons, this brief black-out set off a minor panic in publishing land. Why were only Big Six publishers affected? Did it have anything to do with the ongoing agency pricing legal battles or the Penguin Random House merger? Though it seems to have been nothing more serious than a technical goof, it’s a stark reminder that Amazon has the ability—as well as the leverage—to shut down publishers’ most important connection with consumers at the click of a mouse. [New York Observer]


RELATED: Chart: The Rapid Gains of the E-book


E-reading takes a global turn. E-books may be taking firm holds in the U.S., but they have a long way to go before they became the global format of choice for readers. Italy may be going in an increasingly digital direction soon, with the country’s largest bookseller Mondadori Group partnering with Kobo to stock Touch e-readers in its hundreds of stores. 34,000 e-books will be available for Italian readers. China is another largely untapped market, one that Amazon is eyeing enviously. ZDNet’s Liau Yun Qing reports that Kindles may become available there as early as this month. “If Amazon brings its e-reader to China, it will face competition from Chinese e-commerce player Dangdang which launched its e-reader in July at a retail price of 599 yuan (US$ 79),” she writes. “In comparison, the cheapest Kindle Paperwhite e-reader, which includes “Special Offers”, retails at US$ 119 in the United States.” [ZDNet]


RELATED: New Batman Comic Postponed; Books Banned in China Thrive in Hong Kong


Cities in literature. Mark Binelli’s new book Detroit City Is the Place to Be is all about the Motor City—its ascent during America’s industrial golden age, and its struggle to redefine itself. Given his obsession with the urban, Publishers Weekly decided to tap Binelli for a list of his favorite books that take specific cities as a central theme. It’s more interesting than most lists on this subject might have been. For instance, he shines a light on Joan Didion not for her classic takes on San Francisco or New York, but for her book Miami. And his favorite books to take on New York—Ben Katchor’s The Jew of New York and Joseph Mitchell’s Up in the Old Hotel—are refreshing inclusions. His favorite book about Detroit, Elmore Leonard’s City Primeval, is also a bit surprising. [Publishers Weekly]


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Syria opposition bloc elects Christian as leader
















DOHA, Qatar (AP) — Syria‘s main opposition group in exile has elected a Christian Paris-based former geography teacher as its new president.


George Sabra said Friday that his election as head of the Syrian National Council is a sign that the opposition is not plagued by sectarian divisions.













Sabra says the SNC‘s main demand is to receive weapons from the international community. The U.S. and some other foreign backers of rebels fighting the regime of President Bashar Assad have so far refused to send weapons for fear they can fall into the wrong hands.


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Social media shakes up solitary online FX trading
















LONDON (Reuters) – The solitary world of online foreign exchange trading is emerging from the shadows as solo investors turn to specialist social media networks to link up with their peers and seek market-beating strategies.


Individual or retail trading, estimated at 8-10 percent of the $ 2.5 trillion daily spot FX market, used to conjure an image of a lone trader with little contact with the outside world.













But that is changing. Thanks to specially tailored websites known as social trading networks, users are able to see and even copy the trades of top-ranked rivals, swap ideas and gauge the market mood in online chat with a community of contacts.


“In the world of trading there are a lot of signals but social media gives us the market sentiment and it is ideal for chatting to people across the world for trade ideas,” said Patrick Orini, who has been trading FX online since 2004.


Retail forex traders make their deals using personal accounts through brokers such as Alpari, FxPro and IronFX. Increasingly, traders are hooking up their broker accounts with social trading networks, such as eToro, Currensee and Tradeo.


Traders usually pay a subscription to use the service while the social network and the broker might share revenue on trades.


In a system reminiscent of microblog network Twitter, top players who make their trades visible can gather thousands of followers, some of whom pay to copy their strategies.


Orini’s trading account on a social trading network called Tradeo has 500 followers, of whom around 20 copy his trades.


If online investors do well in their trades, they will attract more followers and will be ranked higher on the trader “leaderboard” posted on the site.


Retail FX has grown over the last decade as brokers allow individual traders to take highly leveraged positions previously accessible only to institutional investors. The largest group of market players is based in Japan.


eToro, one the world’s largest social trading platforms has processed more than 20 million trades since it went live at the beginning of 2012.


Tradeo, a social network for forex traders based in Tel Aviv, launched three months ago and, according to its co-founder and CEO Jonathan Adest, the site has posted up to half a billion dollars of trades from around 10,000 traders since then.


“It’s not a broker, but a network for brokers — a bit like an online trading room,” Adest said.


He said Tradeo also combats a key hazard of online trading — inaccurate or bogus information. Traders often swap ideas on comment boards, but anonymity and low security makes it difficult to weed out spam.


“The idea of creating a niche social network for forex traders is to help verify commentators usually found in chat rooms and comment boards,” Adest said.


In its increased use of social media, online forex trading is catching up with developments in the equities market.


Retail equities trading is estimated to account for up to half of trade in UK small companies. Retail FX’s smaller share of the overall market reflects the fact that most trade is over-the-counter and lack of volatility that make it harder to turn a profit.


TWITTER


In the equities market, analysis of Twitter postings and news headlines has been used to predict stock price movements.


London-based hedge fund firm Derwent Capital is launching a new spread betting application for retail traders in January that will use Twitter’s 350 million daily tweets to create a sentiment indicator covering currency pairs and other assets.


Social media makes existing currency market sentiment models more effective, said John Hardy, head of FX strategy at Saxo Bank.


“It would be a new way to measure “sentiment” in real time, something that banks can do already via how people are actually trading…but the Twitter measures might be able to bring new nuances and sophistication,” he said.


Arguably, solo traders who hook up to social trading networks are seeking an edge in the “wisdom of crowds”.


“The reason why so many people, like myself, do share their activity and ideas is to help each other and build the community,” Orini said. “I got so many valuable ideas from other traders, that I’m more than happy to share my ideas as well.”


(Editing by Nigel Stephenson)


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Andy Summers film documents surviving the Police
















LOS ANGELES (Reuters) – Police guitarist Andy Summers has always been a multifaceted artist – musician, songwriter, photographer and author. Now he can add filmmaker to his extensive resume.


“Can’t Stand Losing You: Surviving the Police,” Summers’ 90-minute documentary film that chronicles his musical career and life with supergroup, has its world premiere at the DOC NYC festival in New York on Friday.













Summers, who narrates the film, describes it as “a musical journey” that uses live footage from the 2007-2008 Police reunion world tour, along with lots of archival material from both the early Police days and the London punk scene.


“But it’s not done as a chronological story,” he told Reuters. “We establish the fact we’re doing the reunion tour early on, and then it dips in and out of live Police concert footage, and then starts going back to the earlier days.”


Based on his 2006 memoir “One Train Later,” the documentary also incorporates rare footage dating back to the 1960s, when Summers, now 69, was involved with the early British rock scene and seminal artists including British vocalist and keyboard player Zoot Money and Eric Burdon. The film also features many still photographs that the rock star took along the way.


“I was always interested in photography, so it was very natural for me to document everything, whether it was backstage at some grungy club or on early tours with the Police,” he said.


“So there’s a lot of intimate moments and interesting shots and archival stuff, especially in the first 25 minutes of the film, with the Sex Pistols appearing and so on.”


BUMPING INTO FAME


Following his book’s lead, the film also documents the serendipitous nature of the formation of the Police, one of the biggest bands in rock history, when Summers “just happened to bump into” drummer Stewart Copeland in a London Underground station one day in 1977.


The two decided to have coffee and discuss forming a new band with a then-unknown singer called Sting, whom they had just met.


“One train later, and it all might never have happened,” recalled Summers, “which is why I titled the book ‘One Train Later.’”


He would have preferred that title for the documentary. “It’s much hipper and doesn’t pander to the obvious Police connection,” he said, “so I’m hoping at some point we’ll change it to that.”


Inevitably, the film also focuses on the breakup of the always-combustible and often acrimonious trio.


“It’s obviously a very painful and poignant moment, when we all realize, ‘Well, that’s it,’” Summers said of the 2008 footage documenting the band’s final dissolution.


“The camera lingers on all our faces, and you can see the raw emotion there. It’s very bittersweet.”


As for rumors that the Police may re-form yet again for another tour, Summers does not think that is likely, even though their 30th reunion tour grossed more than $ 350 million.


“But then I never thought we’d get back together to do the last tour, so I never shut the door on anything,” he said. “I personally think that my book was somewhat of a provoking agent in getting the Police reunited, so maybe this film will do the same thing again.”


(Reporting by Iain Blair, Editing by Jill Serjeant, Patricia Reaney and Lisa Von Ahn)


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Uncle Sam to Start Tracking Tobacco Use in Movies Aimed at Kids
















Federal health authorities said Friday they will begin monitoring how well movie studios are doing to reduce depictions of smoking and other tobacco use in youth-rated movies.


Authorities at the Center for Disease Control and Prevention’s Office on Smoking and Health said that voluntary efforts by movie studios to reduce tobacco use in youth-rated movies have been unimpressive. Data on tobacco use in movies will  be added to regular CDC reports to the public on smoking prevalence among youth and adults, total and per-capita cigarette consumption, and progress on tobacco control policies.













“We all have a responsibility to prevent youth from becoming tobacco users, and the movie industry has a responsibility to protect our youth from exposure to tobacco use and other pro-tobacco imagery in movies that are produced and rated as appropriate for children and adolescents,” said the lead author of the paper, Dr. Tim McAfee. “Eliminating tobacco imagery in movies is an important step that should be easy to take.”


MORE: PG-13 Movies May Start Teens Smoking


Understanding what motivates kids to smoke is a high priority of public-health experts. According to the U.S. Department of Health and Human Services, more than 3,800 kids a day smoke their first cigarette. And, while smoking rates fell over the past 40 years, rates in both adults and youths have held steady in more recent years.


Previous research shows that kids who see smoking on television and in the movies are more likely to take up smoking. But depictions of smoking continue to turn up in youth-rated movies. Last year, the number of on-screen smoking scenes increased, according to a study published in the October issue of the journal Preventing Chronic Disease.


The data, from Thumbs Up! Thumbs Down!, a project of  Breathe California-Emigrant Trails, is based on tobacco incidents in top-grossing movies each year rated G, PG and PG-13. The study looked at 134 movies that were among the 10 top-grossing, youth-rated movies last year for at least one week.


The study found the number of tobacco incidents rose 3 percent (1,881 incidents) in 2011 compared to 2010 despite the fact that there were five fewer movies in the 2011 sample. The number of tobacco incidents per movie rose 7 percent over 2010 — 13.1 incidents per movie in 2010 and 14 last year. The biggest increase in smoking depictions occurred in G and PG movies.


MORE: Smoking Rates Around the World Are Astronomical


And, while kids aren’t supposed to see R-rated movies, smoking incidents in those films rose 7 percent in 2011, said the author of the study, Dr. Stanton A. Glantz, a professor of medicine for the Center for Tobacco Control Research and Education at the University of California, San Francisco. Glantz has been studying smoking in the movies for many years.


“There are going to be hundreds or thousands of kids who will take up smoking due to this backsliding,” Glantz told Take Part. “There is a dose response here, too — the more kids see, the more likely they will smoke.”


The uptick in smoking comes at a time when health professionals are unified behind the idea that kids are influenced by such depictions in the media. In a report released earlier this year, U.S. Surgeon General Regina Benjamin identified smoking in movies and tobacco-company advertising as the primary forces that cause kids to take up smoking.


“The evidence is sufficient to conclude that there is a causal relationship between depictions of smoking in the movies and the initiation of smoking among young people,” the Surgeon General’s report noted. Images of smoking in the movies, “are powerful because they can make smoking seem like a normal, acceptable, or even attractive activity. Young people may also look up to movie stars, both on and off screen, and may want to imitate behaviors they see.”


MORE: Teen Smoking an ‘Epidemic,’ Surgeon General Says


Previous studies have also showed that depictions of smoking in the movies are more likely to influence low-risk kids to smoke; “the kids whose parents don’t smoke or kids who do well in school,” Glantz says.


The increase in on-screen smoking is further disappointing because top officials for three studios — Comcast (Universal), Disney and Time Warner — had previously committed to reductions in smoking in their movies, Glantz says. Smoking in youth-rated movies declined from 2005 to 2010.


Among these companies with stated policies discouraging smoking in movies, the percentage of movies that were tobacco-free declined by 17 percent from 2010 to 2011.


“A few studios had taken the lead in reducing the amount of smoking in their films,” Glantz says.  “They accomplished it and showed it could be done. But now there is this serious back-sliding. I don’t know what accounts for that.  These three studios are now about as bad as the studios that hadn’t made a lot of progress. I don’t know what happened.”


The Walt Disney Company “actively seeks to limit the depiction of smoking in


movies marketed to youth,” according to a statement released by the company to Take Part.


MORE: U.S. Appeals Court Strikes Down Graphic Cigarette Warning Labels


“Disney discourages depictions of cigarette smoking in movies produced in the United States for which a Disney entity is the sole or lead producer and which are released either as a Touchstone movie or Marvel movie, and seeks to limit cigarette smoking in those movies that are not rated “R” to: scenes in which smoking is part of the historical, biographical or cultural context of the scene or is important to the character or scene from a factual or creative standpoint, or to scenes in which cigarette smoking is portrayed in an unfavorable light or the negative consequences of smoking are emphasized,” according to the statement.


The company also said it prohibits tobacco product placement and promotions and will  place anti-smoking public service announcements on DVD’s of new and newly re-mastered titles, not rated “R,” that depict cigarette smoking and will work with theater owners to encourage the exhibition of an anti-smoking public service announcement before the theatrical exhibition of any such movie.


But the World Health Organization and other public health groups have recommended formal policies aimed at eliminating smoking in the movies, McAfee noted.


MORE: Teens: Smoking Less, Calling It ‘Scummy’ More


The Glantz study raises “serious concerns about this individual company approach,” he wrote. “This difference suggests that individual company policies may not be sufficient to sustain a reduction in youth exposure to tobacco-use and other pro-tobacco imagery in movies and that more formal, industry-wide policies are needed.”


Glantz has long argued for a modernized rating system to give movies with any tobacco use an R rating, unless the presentation of tobacco “clearly and unambiguously reflects the dangers and consequences of tobacco use,” he says. Other options to discourage smoking are to run anti-smoking messages prior to the movie and persuading movie studies to adopt policies to certify they receive no payments for depicting particular tobacco brands in their movies.


“The MPAA has refused to address this issue in a meaningful way by giving movies with smoking an R rating,” Glantz says. “They have never rated a single movie R for smoking. The goal here is to get smoking out of the movies being shown to kids.”


Question: Should movies that depict smoking receive an R rating? Tell us what you think in the comments.



Shari Roan is an award-winning health writer based in Southern California. She is the author of three books on health and science subjects.


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CIA chief resigns, reportedly over an affair

CIA Director David Petraeus resigned his post on Friday, confessing to having shown "extremely poor judgment by engaging in an extramarital affair." The former Army general rocketed to global prominence as the man in charge of the "surge" in Iraq and later the commander of American forces in Afghanistan.


President Barack Obama said Petraeus had led the Central Intelligence Agency "with characteristic intellectual rigor, dedication, and patriotism.


"I am completely confident that the CIA will continue to thrive and carry out its essential mission, and I have the utmost confidence in Acting Director Michael Morell and the men and women of the CIA who work every day to keep our nation safe," the president said in a written statement.


"Going forward, my thoughts and prayers are with Dave and Holly Petraeus, who has done so much to help military families through her own work. I wish them the very best at this difficult time," Obama continued.


Director of National Intelligence James Clapper issued a statement that did not specify a reason for Petraeus's departure but praised his colleague extensively.


"From his long, illustrious Army career to his leadership at the helm of CIA, Dave has redefined what it means to serve and sacrifice for one's country," said Clapper.


Petraeus went to work as CIA chief in September 2011 after heading up the war in Afghanistan. He had drawn fire in the aftermath of the Sept. 11 attack on the American compound in Benghazi, Libya. His departure comes barely a week before he was scheduled to testify about the assault in closed-door sessions with the intelligence committees of the Senate and House of Representatives.


Petraeus' resignation letter, quoted by several news outlets, centered on his personal behavior.


"Yesterday afternoon, I went to the White House and asked the President to be allowed, for personal reasons, to resign from my position as D/CIA. After being married for over 37 years, I showed extremely poor judgment by engaging in an extramarital affair. Such behavior is unacceptable, both as a husband and as the leader of an organization such as ours," he said. "This afternoon, the President graciously accepted my resignation."


Petraeus, 60, has been described as the father of the military's counterinsurgency doctrine. The charismatic officer had been cited as a possible future presidential or vice presidential prospect.


His wife Holly has worked inside the Obama Administration, serving at the Consumer Financial Protection Bureau.


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Obama: U.S. voted for tax hikes on rich

President Barack Obama makes remarks on the "fiscal cliff" in the East Room of the White House (Kevin Lamarque …Claiming a mandate from his election romp over Mitt Romney, President Barack Obama announced Friday that he had invited Congressional leaders to the White House next week for talks on how to steer the battered economy away from a "fiscal cliff." Obama said he was open to compromise with Republicans—but that any final deal needed to raise taxes on the richest Americans.


"This was a central question during the election," the president said in brief remarks in the East Room of the White House. "It was debated over and over again, and on Tuesday night we found out that a majority of Americans agree with my approach.


"Our job now is to get a majority in congress to reflect the will of the American people," Obama said. "I'm not wedded to every detail of my plan. I'm open to compromise. I'm open to new ideas. I'm committed to solving our fiscal challenges. But I refuse to accept any approach that isn't balanced."


The president, who did not take questions on Friday, campaigned in part on a plan that would extend most of the Bush-era tax cuts, but allow them to expire for individuals making more than $200,000 or families pulling in $250,000. Republicans have said they want to prolong all of those rate reductions.


Obama said, as he has all year, that this means both sides agree on extending the middle-class reductions—and that doing so should not require "long negotiations or drama. ... Let's extend the middle-class tax cuts right now. Let's do that right now." (Republicans have resisted; extending those rates would reduce the party's leverage on tax hikes affecting the wealthy).


Republican Speaker John Boehner, speaking shortly before the president's appearance, said he was looking to Obama "to lead" and that he had a short, "cordial" conversation with the president earlier this week about ways to avoid the so-called fiscal cliff.


"I think we both understand that trying to find a way to avert the fiscal cliff is important for this country," Boehner said. "And I'm hopeful that productive conversations can begin soon so we can forge an agreement that can pass the Congress."


Boehner reiterated his opposition to raising tax rates as part of that deal, even on high-income earners, and says he sees the negotiations as a way to overhaul the tax code and the way the federal government pays for entitlement programs like Social Security and Medicare. (Boehner's emphasis on tax rates suggests a possible opening for a compromise that focuses on raising revenue by closing loopholes, which is also a part of Obama's plan).


Obama said he was "encouraged" by the speaker's comments.


The so-called "fiscal cliff" refers to a series of tax increases and deep spending cuts scheduled to occur Jan. 1, 2013 if Obama and his Republican foes fail to reach a deal. They include the expiration of a payroll tax cut and the Bush-era reductions in tax rates, the end of some unemployment benefits, and draconian reductions in domestic and military spending triggered because of the failure of the Congressional "Super Committee" to find $1.2 trillion in deficit reduction over 10 years.


Just how bad would it be if the president and House Republicans held hands and took the country over the cliff, Thelma & Louise style (or maybe à la Homer Simpson)?


The non-partisan Congressional Budget Office, Washington's gold standard for such analysis, warned in a report released Thursday that the consequences could be dire, including a drop in Gross Domestic Product of 0.5 percent in 2013, and a rise in unemployment to 9.1 percent by the end of next year.


The CBO report also noted that extending Bush-era tax cuts for individuals making under $200,000 per year or families making below $250,000—while letting the reductions on higher-income Americans expire—would boost the economy by 1 ¼ percent by the end of 2013. This reflects Obama's preferred course. Extending the tax cuts for the wealthiest Americans, noted the report, "would have a relatively small effect on output for dollar of budgetary cost."


"The American people understand that we're going to have differences and disagreements in the months to come. They get that," Obama said. "But on Tuesday, they said loud and clear that they won't tolerate dysfunction, they won't tolerate politicians who view compromise as a dirty word—not when so many Americans are still out of work."


"What the American people are looking for is cooperation, they're looking for consensus, they're looking for common sense. Most of all they want action," the president said. "I intend to deliver for them in my second term, and I expect to find willing partners in both parties to make that happen.


"So let's get to work."


Chris Moody contributed to this report.


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