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Business News: Avoiding the fiscal cliff

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(CBS) - Wall Street is hoping lawmakers can agree on a budget deal to avoid the so-called fiscal cliff next year. President Obama said last week that he will veto any bill extending tax cuts for those making $250-thousand dollars -- something Republicans have said they won't agree to. If no deal is reached, tax hikes for nearly every American will go into effect next year and some deductions - including the child tax credit - will either be slashed or abolished.


(CBS) - Federal Reserve Chairman Ben Bernanke is scheduled to give a speech in Atlanta this week. It will be his first public appearance since President Obama won a second term. Wall Street will be listening for any comments Bernanke may make about the stalemate in Washington over the Fiscal Cliff.


(CNN) - Toys R Us is hopping on the bandwagon for super early Black Friday sales. The store says it's going to open its doors at 8 o'clock on Thanksgiving night. That's an hour earlier than last year. Early bird shoppers will have more than 200 doorbusters to look forward to, including giftcards for buying Apple products. The chain has been trying very hard to promote its electronics, along with the regular toys. It is also offering free layaway. Sears has the jump on most other retailers with its holiday deals starting on November 18-th.

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