Primary schools to receive new teachers twice a year

SINGAPORE: From 2015, primary schools will receive a new batch of teachers twice each year - instead of the current arrangement where new teachers are deployed in June - following changes to the timing of the annual intake of the Postgraduate Diploma in Education (PGDE) (Primary) programme.

The PGDE (Primary) programme is a one-year diploma course conducted at the National Institute of Education. Currently, its graduates are deployed along with their counterparts in the Diploma in Education and Bachelor of Arts (Education) or Bachelor of Science (Education) programmes.

With the change, graduates from the PGDE (Primary) will be posted to their schools in January, instead of June.

Responding to TODAY's queries, the Ministry of Education (MOE) said the key reason for the change is to "better support the schools' manpower needs at the primary level".

Its spokesperson said: "This will allow for two batches of trained teachers to graduate from the different programmes in NIE to be posted to the primary schools ... each year, thereby reducing the schools' waiting time to fill vacancies for trained teachers."

To effect the change, the intake for PGDE (Primary) will be shifted from July to January - starting this year.

The MOE spokesperson said that email notifications were sent in April last year to those who were due to enrol in the programme in July this year - many of whom are currently doing contract teaching - but will now start their course in January next year.

"School leaders with untrained teachers in their schools affected by this change were similarly informed," she said.

While primary school principals whom TODAY spoke to welcomed the change, one untrained teacher who had been due to start the PGDE (Primary) programme this year was upset that he has to wait another six months to begin classes.

The 30-year-old teacher, who wanted to be known only as Mr Tan, said he found out about the change in February last year after MOE replied to his email query on the starting date of his course.

He claimed that he has not received an official notification.

After spending the past year doing contract teaching, Mr Tan said he would have to continue for another year because of the change.

It is not clear how many prospective trainee teachers are affected by the shift in the timing of the intake this year, as the MOE did not reply to queries on the intake size of the PGDE (Primary).

The current teaching force is about 33,000 strong. On average, 2,000 new teachers are recruited each year.

Principals said the change was timely, given how more teachers are taking up MOE initiatives such as the Part-Time Teaching Scheme (PTTS), and the enhanced Professional Development Leave (PDL) scheme which allow teachers with at least six years' service to take leave at half pay to undergo professional development.

Punggol View Primary Principal Kelvin Tay said: "Having two batches would ease issues that come up when teachers are away, such as on maternity leave or professional development, and it would help fill deployment gaps."

As the school calendar begins in January, Nanyang Primary School Principal Lee Hui Feng noted that getting new teachers in the same month will reduce changes to teaching personnel in the middle of the school year.

- TODAY/xq

Read More..

Bill that caused GOP fight up for a vote

By Ben Brumfield and Tom Watkins, CNN

updated 7:23 AM EST, Fri January 4, 2013

STORY HIGHLIGHTS

• FEMA warns money is running out of the flood insurance program


• The last House session canceled a vote on $60 billion in aid


• Congress will consider a $51 billion package later


• FEMA urges "timely congressional action"

(CNN) -- The House is poised to vote Friday on a $9.7 billion Superstorm Sandy aid package after delays over fiscal cliff bickering and a warning from federal officials that funds are running out.

Frustrated victims of the massive October storm in the Northeast watched this week as a vote on a much larger $60 billion package got canceled.

Lawmakers are expected to pass the first portion Friday and weigh in on the remaining $51 billion in broader aid on January 15.

The Federal Emergency Management Agency notified the outgoing Congress on Tuesday -- its last day in session -- that without additional borrowing authority, it will run out of money within days to compensate storm victims under the National Flood Insurance Program.

The large aid package not voted on included more than $9.7 billion in new borrowing authority, according to the federal emergency agency.

It urged "timely congressional action" to meet survivors' needs.

Rep. Peter King blasts his own party

Outgoing lawmakers dropped what seemed like a sure thing for the suffering region into the lap of the new Congress, which convened Thursday. It will now consider it in two parts.

Republicans in the last Congress criticized proposed congressional "pork" spending in the bill that was unrelated to Sandy needs.

Democrat and Republican lawmakers in the region, including New Jersey Gov. Chris Christie, had unleashed a firestorm of criticism at their own party in the House for not addressing the measure as originally planned.

"New Jersey deserves better than the duplicity we saw on display," Christie said, adding, that this is "why the American people hate Congress."

GOP civil war over Sandy relief

Later, closed-door meetings with House Republicans from the Northeast and their leaders Eric Cantor and John Boehner calmed some sentiments.

Boehner is the House speaker while Cantor is the Majority leader.

Democrats were less mollified.

"It's really unbelievable how Speaker Boehner and his party could just walk away," said Christine Quinn, speaker of the New York City Council. "To promise us a vote weeks from now? Why should we believe him at all? It's just shocking."

In a statement, Boehner and Cantor said "critical aid" to storm victims should be the first priority of the new Congress. Both were re-elected and have retained their leadership positions in the new House.

The Senate, which had already approved the larger Sandy plan that the House declined to consider, is expected to sign off on the scaled-back version Friday as well, according to a Democratic leadership aide.

But Senators will hold off on any further action.

Read More..

Pakistani girl shot by Taliban out of hospital, for now

The Pakistani teenager shot in the head by the Taliban in October for advocating girls' education has been discharged from the British hospital where she was being treated, but faces rehabilitation and future hospital stays, the facility says.

Malala Yousufzai was released from the Queen Elizabeth Hospital, in Birmingham, on Thursday to continue her rehabilitation at her family's temporary home in the vicinity.

The 15-year-old, who was shot by the Taliban for campaigning for girls' education, is well enough to be treated by the hospital as an outpatient for the next few weeks, officials say.

She is still due to be re-admitted late this month or early next for reconstructive cranial surgery as part of her long-term recovery. In the meantime, she will visit the hospital regularly for appointments with physicians.

Dr Dave Rosser, Medical Director, University Hospitals Birmingham NHS Foundation Trust, said, "Malala is a strong young woman and has worked hard with the people caring for her to make excellent progress in her recovery.

"Following discussions with Malala and her medical team, we decided that she would benefit from being at home with her parents and two brothers.

"She will return to the hospital as an outpatient and our therapies team will continue to work with her at home to supervise her onward care."

Over the past couple of weeks, Malala has been leaving the hospital on a regular basis on 'home leave' to spend time with her family.

Malala was admitted to the Birmingham hospital Oct. 15 after being flown from Pakistan, where she was wounded in a school bus shooting Oct. 9.

Read More..

Ex-USC Player: Painkiller Injections Caused Heart Attack

Despite stated label risks of possible fatal heart attack, stroke or organ failure, college football players across the country are still being given injections of a powerful painkiller on game days so they can play while injured, an ABC News investigation has found.

The drug, a generic version of Toradol, is recommended for the short-term treatment of post-operative pain in hospitals but has increasingly been used in college and professional sports, and its use is not monitored by the NCAA, the governing body of college sports.

Only two of the country's top football programs, Oklahoma and the University of Nebraska, reported to ABC News that they have limited or stopped the use of the drug in the wake of growing concern about its risks.

Which Top-Ranked College Football Teams Use Toradol?

Oklahoma said it stopped using the painkillers in 2012 after using them repeatedly in 2010 and 2011.

Nebraska said its doctors now restrict its use.

SEND TIPS About Painkiller Use in College Sports to Our Tipline

"While team physicians reserve the option to use injectable Toradol, it is rarely prescribed, and its use has been avoided this season following reports of heightened concern of potential adverse effects," Nebraska said in a statement to ABC News.

Stephen Dunn/Getty Images

Despite Risks, College Football Still Uses Powerful Painkiller Watch Video

The top two college football programs, Notre Dame and Alabama, refused to answer questions from ABC News about the painkiller. They play for the national college championship on Jan. 7.

Controversy surrounding the drug has grown this year following claims by former USC lineman Armond Armstead that he suffered a heart attack after the 2010 season, at age 20, following shots of generic Toradol administered over the course of the season by the team doctor and USC personnel.

"I thought, you know, can't be me, you know? This doesn't happen to kids like me," Armstead told ABC News.

The manufacturers' warning label for generic Toradol (ketorolac tromethamine) says the drug is not intended for prolonged periods or for chronic pain and cites gastrointestinal bleeding and kidney failure as possible side effects of the drug.

In addition, like other drugs in its class, the generic Toradol label warns "may cause an increased risk of serious cardiovascular thrombotic events, myocardial infarction (heart attack), and stroke, which can be fatal."

"This risk may increase with duration of use," the so-called black box warning reads.

In a lawsuit against the school and the doctor, Dr. James Tibone, Armstead claims the school ignored the stated risks of the drug and never told him about them.

"He was a race horse, a prize race horse that needed to be on that field no matter what," said Armstead's mother Christa. "Whether that was a risk to him or not."

Armstead says he and many other USC players would receive injections of what was known only as "the shot" in a specific training room before big games and again at half-time.

"No discussion, just go in. He would give the shot and I would be on my way," Armstead told ABC News.

Armstead said the shot made him feel "super human" despite severe ankle, and later shoulder pain, and that without it, he never could have played in big USC games against Notre Dame and UCLA.

"You can't feel any pain, you just feel amazing," the former star player said.

USC declined to comment on Armstead's claims, or the use of Toradol to treat Trojan players.

An ABC News crew and reporter were ordered off the practice field when they tried to question USC coach Lane Kiffin about the use of the painkiller. USC says the ABC News crew was told to leave because they had not submitted the appropriate paperwork in advance to attend the practice session.

Read More..

New Congress, old drama

STORY HIGHLIGHTS

• The fiscal cliff was averted, but issues like the the sequester and debt ceiling await


• The new Congress will vote on $60 billion in aid to Superstorm Sandy victims


• House Speaker John Boehner canceled the vote on the aid in light of the fiscal cliff vote


• Democrats gain seats in both chambers, but Republicans keep control of the House

(CNN) -- A new Congress takes office Thursday, and many of the same difficult issues that snagged the last one will fall into its lap.

President Barack Obama has signed into law a bill to avert the fiscal cliff, a deal worked out after lengthy, grinding friction between Democrats and Republicans. The political theatrics kept Americans and people around the world on pins and needles over how the outcome would affect the shaky global economy.

But the sequester -- a set of automatic spending cuts of up to 10% to the budgets of most agencies and programs -- lies ahead. It has been pushed back to the end of February.

At about the same time, a decision on the debt ceiling that the last Congress postponed will be due.

As an early order of business, the new Congress will address the massive aid package for Superstorm Sandy victims. House Speaker John Boehner scrapped a vote to approve the $60 billion measure late Tuesday in the wake of the vote on the fiscal cliff bill, triggering irate reactions from politicians in both parties from New York and New Jersey.

Republican Gov. Chris Christie of New Jersey attacked his own party members in Washington, blasting "the toxic internal politics of the House majority."

A vote on $9 billion for immediate aid is now set for Friday, with the balance of $51 billion due for consideration January 15.

Stocks start 2013 with broad gains

There have been subtle changes in the makeup of the lawmaking bodies.

Although Republicans retained control of the House after the 2012 elections, Democrats gained seats in that chamber. They also expanded their control of the Senate.

Republicans will fill 234 seats in the new House, down from 242. Democrats will take 201, up from 193.

In the Senate, voters handed two former GOP seats to Democrats for a new balance of 55-45. The 55 Democratic seats include two independents who caucus with the party.

The small shift in numbers could make a difference in votes across party lines.

How much more you'll pay under fiscal cliff deal

The House will vote on its speaker position, and their are questions about whether Boehner will receive the gavel again in light of recent tensions.

The House vote on a deal approved by the Senate also split the parties, but enough Republicans crossed party lines for the bill to pass handily with a 257-167 vote. On Tuesday night, 172 Democrats and 85 Republicans favored the bill; 16 Democrats and 151 Republicans opposed it.

Congress also passed a bill approving defense expenditures, which the president signed into law.

A number of moderates on both sides lost their seats in the House, which is likely to make the lawmaking body even more polarized.

Partisan banter and stern words form the president preceded the convening of the 113th Congress on 1/3/13.

Before leaving Washington for Hawaii on Tuesday night, Obama warned Congress that he will not tolerate another act of prolonged brinksmanship.

"While I will negotiate over many things, I will not have another debate with this Congress over whether or not they should pay the bills that they've already racked up through the laws that they've passed," he said.

Hours later Senate Minority Leader Mitch McConnell swiped back at the president in an op-ed piece he wrote for Yahoo News.

"I have news for him," McConnell wrote. "The moment that he and virtually every elected Democrat in Washington signed off on the terms of the current arrangement, it was the last word on taxes. That debate is over."

But to get through the debt ceiling, the self-imposed limit on how much the U.S. government may borrow, there will have to be debate over spending, he insisted.

The ceiling of $16.394 trillion has already been reached.

CNN's Josh Levs, Tom Watkins, Holly Yan, Robert Yoon and Ashley Killough contributed to this report

Read More..

Hillary Clinton discharged from hospital

WASHINGTONSecretary of State Hillary Clinton was discharged from a New York hospital Wednesday, after spending 72 hours under observation following the discovery of a blood clot in her head, the State Department said.

In a statement, spokesperson Philippe Reines said: "Her medical team advised her that she is making good progress on all fronts, and they are confident she will make a full recovery. She's eager to get back to the office."

Clinton and her family thanked her medical team "for the excellent care she received," Reines said.

Earlier Wednesday, Clinton had been seen in public for the first time in three weeks when she walked out of the Harkness Eye Institute in New York City and into a secure van along with a smiling Bill and Chelsea Clinton and accompanied by a security detail, reports CBS News correspondent Margaret Brennan.

The State Department had said Secretary Clinton was active in speaking with staff and reviewing paperwork while she continued to recover at New York Presbyterian Hospital.

Clinton was admitted to a New York hospital Sunday and was treated with blood thinners to dissolve a clot in the vein behind the right ear. Doctors found the clot during a follow-up exam stemming from a concussion she suffered in early December. She has been hospitalized for around 72 hours, which is a window of time during which it is possible to establish the proper blood thinner dosage that would be required prior to discharge according to doctors.

Clinton's doctors say there was no neurological damage.

Read More..

Obama Signs 'Fiscal Cliff' Bill With Autopen

Jan 3, 2013 12:53am

Charles Dharapak/AP Photo

HONOLULU, Hawaii — President Obama has signed the “fiscal cliff” legislation into law via autopen from Hawaii, where he is vacationing with his family.

The bill to avert the “fiscal cliff” arrived at the White House late this afternoon and it was immediately processed, according to a senior White House official. A copy was delivered to the president in Hawaii for review. He then directed the bill to be signed by autopen back in Washington, D.C.

The Bush administration deemed in 2005 that the use of the autopen is constitutional, although President George W. Bush never used the mechanical device to replicate his signature on a bill.

The office of legal counsel found at the time that Article 1, Section 7 of the Constitution allows the president to use the autopen to sign legislation, stating “the President need not personally perform the physical act of affixing his signature to a bill to sign it.”

Obama has used the autopen twice in the past to sign legislation, both times while he was overseas.

Use of the autopen has been controversial.  Conservative groups alleged last summer that Obama used an autopen to sign condolence letters to the families of Navy SEALs killed in a Chinook crash in Afghanistan — a charge the White House disputed flatly as false.

In 2004, then-Secretary of Defense Donald Rumsfeld was criticized for using an autopen to sign condolence letters to the families of fallen troops.

And in 1992 then-Vice President Dan Quayle even got into some hot water over his use of the autopen on official correspondence during an appearance on “This Week with David Brinkley.”

Obama, who arrived back in Hawaii early Wednesday morning to continue his family vacation, spent the afternoon golfing with friends at the Marine Corps base at Kaneohe Bay.

Obama is slated to remain in Hawaii through Saturday.

ABC News’ Jonathan Karl contributed to this report

SHOWS: Good Morning America This Week World News

Read More..

Look beyond the fiscal cliff

STORY HIGHLIGHTS

• Dean Baker: Budget deficit is not the only top issue in our national economic policy


• Baker: Fiscal cliff debate has been a distraction of the bigger problem of a downturn


• He says fears of big deficits are preventing us from boosting the economy more


• Baker: Given the economy's weakness, the government has to run big deficits

Editor's note: Dean Baker, an economist, is co-director of the Center for Economic and Policy Research, a progressive economic policy organization. He is author of "The End of Loser Liberalism: Making Markets Progressive."

(CNN) -- We have just passed into the new year, and the distractions created by the debate over the fiscal cliff appear to be behind us. Maybe.

That debate has been part of a larger distraction -- the concern over budget deficits at a time when by far the country's most important problem remains the economic downturn caused by the collapse of the housing bubble. The obsession with budget deficits is especially absurd because the enormous deficits of recent years are entirely the result of the economic downturn.

In spite of this, the leadership of both parties has elevated the budget deficit to be the top and virtually only issue in national economic policy. This means ignoring the downturn that continues to cause enormous amount of unnecessary suffering for tens of millions of people.

Dean Baker

But fears of big deficits are preventing us from giving the same sort of boost to the economy that got us out of the Great Depression. The explanation is simple: profits have returned to prerecession levels.

Opinion: Cliff deal hollow victory for American people

This means that from the standpoint of the people who own and run American businesses, everything is pretty much fine. Moreover, they see the deficits created by the downturn as providing an opportunity to go after Social Security and Medicare.

The Campaign to Fix the Debt, a nonpartisan organization involving many of the country's richest and most powerful CEOs, sets out to do just that. It has become standard practice in Washington for Wall Street types and other wealthy interests to finance groups to push their agenda.

The Campaign to Fix the Debt involves the CEOs themselves directly stepping up to the plate and pushing the case for cutting Social Security and Medicare as well as lowering the corporate income tax rate.

It's clear what's going on here. We don't need any conspiracy theories.

iReport: What's your message for Washington?

CEOs from both political parties have openly come together to demand cuts in Social Security and Medicare, two programs that enjoy massive political support across the political spectrum. The wealthy are joining hands without regard to political affiliation to cut benefits that enjoy broad bipartisan support among everyone who is not rich.

President Barack Obama has an opportunity to show real leadership. He should explain to the public the basic facts that all budget experts know: We do not have a chronic deficit problem. The big deficits are the result of collapsed economy. The priority of the president and Congress must be to put people back to work and bring the economy back up to speed.

Fiscal cliff deal: 5 things to know

When the housing bubble burst, annual spending on residential construction fell back by more than 4% of GDP, which is $600 billion in today's economy. Similarly, consumption plunged as people drastically curtailed their spending in response to the loss of $8 trillion in housing bubble generated equity.

There is no easy way for the private sector to replace this demand. Businesses don't invest unless they see demand for their products, regardless of how much love we might shower on the "job creators." In fact, if anything, investment is surprisingly strong give the large amount of excess capacity in the economy. Measured as a share of GDP, investment in equipment and software is almost back to its prerecession level. It is hard to envision investment getting much higher, absent a major boost in demand from some other sector.

This is why it is necessary for the government to run large deficits. Ideally, the money would be spent in areas that will make us richer in the future: Education, infrastructure, research and development in clean energy, etc. There is just no way around a large role for the government given the economy's current weakness.

Big issues still pending

Obama needs to explain this simple story to the country. The rich of both parties will hate him for going down this route. They will use their powers to denounce him. But the American people support Social Security and Medicare, and they support an economy that creates jobs for ordinary workers.

Obama needs the courage to tell the truth.

Follow us on Twitter @CNNOpinion

Join us on Facebook/CNNOpinion

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

Read More..

US manufacturing rebounds in December

WASHINGTON: US manufacturing activity expanded slightly in December after contracting the previous month, the ISM monthly survey showed on Monday.

The Institute for Supply Management's manufacturing sector index rose to 50.7 last month from 49.5 in November, with 50 the break-even line between growth and contraction.

The index has hovered around that line for the past six months, the ISM said, reflecting weakness in both US and global economic growth.

Only seven of 18 manufacturing industries covered in the ISM survey actually reported growth in the month, and overall production growth slowed.

But the employment sub-index rose to 52.7 from 48.4, showing the industry returned to hiring at a modest clip in December.

- AFP/de

Read More..

Fiscal cliff crises averted, but more fights loom

STORY HIGHLIGHTS

• NEW: U.S. stocks are expected to rise


• The vote prevents tax increases for more than 98% of Americans


• It also wards off $110 billion in automatic cuts to domestic and military spending


• Reid accused Boehner of "dictatorship" Friday; Boehner responded with profanity

Washington (CNN) -- After exhaustive negotiations that strained the country's patience, the House approved a bill to avert the dreaded fiscal cliff, staving off widespread tax increases and deep spending cuts.

In the 257-167 vote late Tuesday, 172 Democrats and 85 Republicans favored the bill; 16 Democrats and 151 Republicans opposed it.

The approved plan maintains tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000. It will raise tax rates for those who make more, marking the first time in two decades the rates jump for the wealthiest Americans.

The bill also extends unemployment insurance and delays for two months a series of automatic cuts in federal spending.

World markets rose after the news. U.S. stocks were poised to rise, too.

Just hours before the bill passed, House Speaker John Boehner pitched to fellow Republicans the idea of amending the Senate-approved bill to add a package of spending cuts. He cautioned about the risk in such a strategy, saying there was no guarantee the Senate would act on it.

Rum, electric vehicles and motor sports: Nuggets in the fiscal cliff bill

By the end of the night, he was among the Republicans who voted for the bill as written.

President Barack Obama said he would sign the bill into law, but he did not say when. After the vote, he flew to Hawaii to rejoin his wife and daughters on their winter vacation.

Had the House not acted, and the Bush-era tax cuts expired fully, broad tax increases would have kicked in. In addition, $110 billion in automatic cuts to domestic and military spending would have taken place.

The combined effect could have dampened economic growth by 0.5%, possibly tipping the U.S. economy back into a recession and driving unemployment from its current 7.7% back over 9%, according to economists' estimates.

While the package provides some short-term certainty, it leaves a range of big issues unaddressed.

It doesn't mention the $16.4 trillion debt ceiling that the United States reached Monday.

It also puts off the so-called sequester, cuts in federal spending that would have taken effect Wednesday and reduced the budgets of most agencies and programs by 8% to 10%.

Come late February, Congress will have to tackle both those thorny issues.

Obama warned Congress that he will not tolerate another act of prolonged brinksmanship.

"While I will negotiate over many things, I will not have another debate with this Congress over whether or not they should pay the bills that they've already racked up through the laws that they've passed," he said after the Tuesday night vote.

"We can't not pay bills that we've already incurred. If Congress refuses to give the United States government the ability to pay these bills in time, the consequences for the entire global economy would be catastrophic -- far worse than the impact of the fiscal cliff."

How they voted: House | Senate

A partial victory

While the deal gives Obama bragging rights for raising taxes on the wealthiest Americans, it also leaves him breaking a promise.

Obama had vowed to raise tax rates for the top-earning 2% of Americans, including those with household income above $250,000 and individuals earning more than $200,000.

Raising the threshold for higher tax rates shrinks the number of Americans affected.

While nearly 2% of filers have adjusted gross incomes over $250,000, only 0.6% have incomes above $500,000, according to the Tax Policy Center.

Some House Republicans weren't exactly overjoyed in voting for the plan.

"I'm a very reluctant yes," said Rep. Nan Hayworth, an outgoing Republican representative from New York.

"This is the best we can do, given the Senate and the White House sentiment at this point in time, and it is at least a partial victory for the American people," she said. "I'll take that at this point."

Conservative lobbyist Grover Norquist, whose Americans for Tax Reform pushes candidates to sign a pledge never to raise taxes, said the plan preserves most of the Bush tax cuts and won't violate his group's beliefs.

"The Bush tax cuts lapsed at midnight last night," Norquist tweeted Tuesday. "Every (Republican) voting for Senate bill is cutting taxes and keeping his/her pledge."

The timing of the vote was crucial, as a new Congress is set to be sworn in Thursday. And without a breakthrough, the entire process would have had to start over.

Cliff deal spurs global market rally

Specifics of the plan

The legislation will raise roughly $600 billion in new revenues over 10 years, according to various estimates.

According to the deal:

-- The tax rate for individuals making more than $400,000 and couples making more than $450,000 will rise from the current 35% to the Clinton-era rate of 39.6%.

-- Itemized deductions will be capped for individuals making $250,000 and for married couples making $300,000.

-- Taxes on inherited estates will go up to 40% from 35%.

-- Unemployment insurance will be extended for a year for 2 million people.

-- The alternative minimum tax, a perennial issue, will be permanently adjusted for inflation.

-- Child care, tuition and research and development tax credits will be renewed.

-- The "Doc Fix" -- reimbursements for doctors who take Medicare patients -- will continue, but it won't be paid for out of the Obama administration's signature health care law.

The Democratic-led Senate overwhelmingly approved the bill early Tuesday before passing it to the House.

As news about the fiscal cliff's deflection spread across the world, several markets reacted positively Wednesday.

Australia's ASX All Ordinaries index added 1.2%. South Korea's KOSPI gained 1.5%, and the Hang Seng in Hong Kong advanced 1.9%. Tokyo's Nikkei and the Shanghai Composite remain closed for holiday celebrations but will reopen later in the week.

More fiscal cliffs loom

Payroll taxes still set to go up

Despite the last-minute fiscal cliff agreements, Americans are still likely to see their paychecks shrink somewhat because of a separate battle over payroll taxes.

The government temporarily lowered the payroll tax rate in 2011 from 6.2% to 4.2% to put more money in the pockets of Americans. That adjustment, which has cost about $120 billion each year, expired Monday.

Now, Americans earning $30,000 a year will take home $50 less per month. Those earning $113,700 will lose $189.50 a month.

With the latest battle round over, lawmakers will next set their sights on the other items on their docket of congressional squabbles over money: the debt ceiling and resolving the sequester.

Obama said he hopes leaders in Washington this year will focus on "seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship (and) not scare the heck out of folks quite as much."

He thanked bipartisan House and Senate leaders for finally reaching a resolution Tuesday, but said Congress' work this year is just beginning.

"I hope that everybody now gets at least a day off I guess, or a few days off, so that people can refresh themselves, because we're going to have a lot of work to do in 2013."

Read more: 5 things to know about the fiscal cliff

Angry rhetoric flew

In the tense days leading up to the deal, heated words flew between some Democrats and Republicans.

On Friday, after Democratic Senate Majority Leader Harry Reid accused Boehner of holding a "dictatorship" in his chamber, the House speaker responded with a profanity.

"Go f— yourself," Boehner said to Reid, according to a source with knowledge of the exchange in a White House lobby.

Big issues still pending

Dana Bash reported from Washington, and Holly Yan reported from Atlanta. CNN's Rich Barbieri, Charles Riley, Josh Levs, Dana Ford, Matt Smith, Jessica Yellin, Deirdre Walsh and Ted Barrett contributed to this report.

Read More..