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During a luncheon, industry insiders warned that if spending cuts go into effect on January 1, they could face huge layoffs.

The president and House Republicans continued to snipe at each other Wednesday over the impending set of automatic tax hikes and spending cuts known as the fiscal cliff. President Obama and House Speaker John Boehner later spoke briefly by phone for the first time in a week, according to reports.

If Congress fails to reach an agreement on tax increases and spending cuts this year, it will mean sharp reductions in a broad swath of federal spending, from defense and Medicare to education and unemployment benefits. Economists say the cuts would be a serious setback for the economy as a whole.

The two sides dug in their heels. Protesters asked President Mohammed Morsi to walk back his power grab and rethink the new draft of the constitution and Morsi simply declined.

The Obama administration is expected to ask for $50 billion to $60 billion. Top administrators told Congress Wednesday that they want at least some of that money to go toward preventing the kind of devastation caused by Sandy and other recent storms.

As President Obama and lawmakers try to find a formula for spending cuts and tax increases, they might look across the Atlantic for insights from those who have been wrestling with budget problems. The first lesson from Europe's "fiscal consolidation" experiences: It will hurt.

New research suggests older adults may have less activity in the area of the brain that processes risk and subtle danger. Another possible reason older adults don't pick up on warning signs is an increasing bias against negativity.

The coup in Mali earlier this year and occupation of the north by al-Qaida affiliates have devastated the economy, especially the tourism sector, the country's third-largest revenue generator. Tourist arrivals have plummeted, and all Malians, from river guides to tailors, are suffering.

Michael Forbes lives next to Donald Trump's new golf course in Scotland. He has refused to sell his property to Trump, and what's ensued has been a war of words. The latest flare-up involves an award given by the Scottish company that makes Glenfiddich whisky.