January 1
The United States House of Representatives passed legislation that averted the so-called "fiscal cliff" -- dramatic increases in federal income taxes and drastic cuts in federal spending, which theoretically went into effect at 12:01 a.m. on January 1. Senate Minority Leader Mitch McConnell and Vice President Joe Biden forged the "fiscal cliff" deal. Under the measure, tax rates would increase to 39.6 percent from 35 percent for incomes over $400,000 for individuals and $450,000 for couples. Certain tax deductions and credits would also be phased out on incomes of $250,000 or more. For incomes below those levels, the bill made permanent the tax cuts implemented during the George W. Bush presidency.
January 1
A stampede following a New Year's Eve fireworks display in Abidjan, Cote d'Ivoire, left more than 60 people dead. The victims were crushed or suffocated when hundreds of people leaving a stadium jammed into a tiny street.
January 7
Bank of America (B of A) agreed to pay the United States government mortgage agency Fannie Mae more than $11 billion to settle claims that before the 2008 financial crisis the bank made bad mortgages, which home buyers had a hard time repaying after the crisis hit. B of A then knowingly sold bonds backed by these toxic mortgages to Fannie Mae.
January 7
Ten major banks, including Bank of America, Citigroup, JP Morgan Chase, and Wells Fargo, agreed to pay $8.5 billion in compensation for flawed paperwork, bungled loan modifications, and other mistakes made as the banks repossessed houses during and after the credit crisis in 2008.
January 8
Nationwide average temperatures in Australia hit 104 degrees Fahrenheit (40 degrees Celsius) on January 8, and the mean national temperature climbed to the highest in history breaking a record set just the day before on January 7, reported the Australian Bureau of Meteorology. The record prompted meteorologists at the bureau to take the extraordinary step of adding two new colors to its temperature charts to extend their range to 129 degrees Fahrenheit (54 degrees Celsius) from the previous cap of 122 degrees Fahrenheit (50 degrees Celsius).
January 9
According to a report in The Journal of the American Medical Association, almost seven (7) percent of patients with gonorrhea examined by physicians taking part in a Canadian study have a strain of the bacteria against which all oral antibiotics are useless. Public health officials warn that this alarming report suggests that gonorrhea may become an untreatable disease. `
