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Seven at 7:00: New Year Celebrations and Fiscal Cliff Deal Reached

By: Jay Dillon

Updated: January 1, 2013

New Year Celebrations

In New York and around the world, people are welcoming 2013. Hundreds of thousands of people crowded into Times Square to watch the crystal-covered ball drop Monday night.This year, among the one ton of confetti dropped on the crowd at midnight were fans' messages to the late Dick Clark, the longtime host of the celebration who passed away in April. Cities around the world also held parties to usher in the new year, including the annual Hog Drop right here in Fayetteville.

Deadly New Year Celebrations

The New Year celebrations turned violent in California. At least five people were shot and at least two were killed during the pre-celebrations. Police say some 40,000 people were gathered in Old Sacramento for a fireworks show when the gunshots rang out. The midnight celebration was canceled a short time later. No word on the motive behind the crime. Police were still searching for the gunman Tuesday morning.

Saved after Midnight

America fell off of the fiscal cliff early Tuesday morning but a short time later the senate made the first step to save the day. In the the wee hours of the night, the senate overwhelmingly approved a fiscal cliff deal early Tuesday. The proposal passed in an 89 to eight vote. The senate package would keep the expiring Bush-era tax cuts in place for people earning less than $400,000 or couples making less than $450,000. Unemployment insurance would also be extended for a year for some 2 million people. But the battle isn't over yet. The legislation now heads to the house for final approval.

Debt Ceiling Reached

It's not just the fiscal cliff U.S. lawmakers are worried about. There's also concern about the debt ceiling. The U.S. reached its legal borrowing limit of $16.4 trillion dollars on Monday. Now, the treasury department is working to buy time until the end of February. It's going to try suspending some investments in benefit funds for federal workers. But after that, the treasury will not be able to pay all of the country's bills in full and on time. Congress must vote to raise the debt ceiling, setting the stage for another fight on Capitol Hill.

Gas Prices Rising

Get ready to start the new year paying a little more for gas--but just a little more. According to arkansasgasprices.com, the average price for a gallon of regular unleaded has climbed by almost 5 cents in the past week. The average now sits at $3.27. We actually payed more this New Year's Eve than last year, by just 2 cents.

Minimum Wage Goes Up

Some minimum wage workers will be earning more this new year. The minimum wage will increase in 10 states starting Tuesday, January 1st, boosting the incomes of almost a million workers.The states that will implement the increase are Arizona, Colorado, Florida, Missouri, Montana, Ohio, Oregon, Rhode Island, Vermont and Washington. In these states, the rates will increase between 10 and 35 cents per hour, which will result in an additional $190 and $510 per year.

Pigshibition

Pigs continue to pop up around Fayetteville. The latest one was scheduled to land on the square at 10:00 Monday morning. It's piece number 22 for the pigshibition art project which can be seen throughout the city. The Bank of Fayetteville donated the latest hog which will go by the name "Penny." It was created by four local artists. All of the decorated pigs will be auctioned off with proceeds benefitting the Ozark Literacy Council.

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