Properly defined dependents can pay off at tax time

Taxes » Tax Deductions » Properly Defined Dependents Can Pay Off At Tax Time

Your son is off at college. Can you still claim him as a dependent? The answer for most parents is “yes.” But, as is often the case with tax questions, determining who can be claimed as a dependent is not always a clear-cut exercise.

Dependent claims aren’t limited to children. An adult relative could qualify as a taxpayer’s dependent as long as he or she meets certain Internal Revenue Service conditions.

Dependency tests that must be met

By a child	By a relative
Relationship Residency Age Support Citizenship Joint return	Not a qualifying child Relationship/Household member Gross income Support Citizenship Joint return

Making sure the requirements are met is critical, because dependents can help reduce your tax bill. In many cases, you can claim certain tax-cutting deductions and credits related to a dependent. The key tax breaks associated with a child are the child tax credit, the child and dependent care credit and the earned income tax credit.

Even if these added tax credits don’t apply to your situation, a dependent named on your return can still trim your taxes. Each dependent directly translates into an exemption, a specific dollar amount, adjusted annually for inflation, that you deduct from your adjusted gross income.

Child dependent tests

In order to claim a child as your dependent, the youngster must now meet four key tests:

• Relationship test: The child must be your child, either by birth, adoption or by being placed in your home as a foster child. Even if the adoption isn’t yet final, if the child is living with you and the process is under way, it counts. A dependent child can also be your brother, sister, stepbrother, stepsister or a descendent of one of these relatives.


• Residency test: The child must live with you for more than half of the year. If the youth is away temporarily for special circumstances, such as for school, vacation, medical treatment, military service or detention in a juvenile facility, these particular absences still count as time lived at home. A child who was born or died during the year is considered to have lived with you for the entire year if your home was the child’s home for the entire time he or she was alive during the year.


• Age test: A child must be under a certain age depending on the particular tax benefit. For the dependency exemption, the child must be younger than 19 at the end of the year. However, a youth who was a student at the end of the year can be claimed as long as he or she is younger than age 24. There is no age limit if the individual is permanently and totally disabled.


• Support test: This refers to the youngster’s contributions, not those of adults in the family. To qualify as a dependent, the child cannot provide more than half of his or her own support during the year.

The support issue usually is not a problem. However, if the child is a successful model, for example, he or she could bring in substantial income and therefore might not be able to be claimed as a dependent under this test. Even then, as long as the parents provide more than the youngster is bringing in, then the child would still qualify.

Even after the child meets the four qualifying tests, there are two other considerations before he or she can be claimed as a dependent for exemption purposes.

The youngster generally must also be a U.S. citizen, U.S. national or a resident of the United States, Canada or Mexico. An exception applies for certain adopted children.

And if married, the child cannot file a joint return unless the return is filed only as a claim for refund and no tax liability would exist for either spouse if they had filed separate returns.

Other dependent relatives

Other relatives also might be your tax dependent if they meet similar qualifying tests.

The first requirement is, obviously, that the person not be your qualifying child for tax purposes. The person also cannot be considered the dependent child of anyone else.

The person must live with you for the full tax year or be related to you. Relatives who do not have to reside in your home but who can be claimed as tax dependents include parents, siblings, grandparents, nieces and nephews, aunts and uncles and in-laws.

Your dependent relative must earn less than the personal exemption amount during the year, and he or she must get more than half of his or her total support for the year from you.

Qualifying relatives also must meet the same citizenship and joint tax filing requirements as do qualifying children.

Tiebreaker guidelines

Sometimes a child can be the qualifying child of more than one person. However, because the IRS only allows one taxpayer to claim the same youngster, all eligible taxpayers must decide who will claim the child and any ensuing tax benefits.

If you can’t agree and both of you list the youth on separate returns, expect the IRS to disallow one or more of the claims using tiebreaker rules.

Tiebreaker rules

• First, the agency looks at whether only one person is the child’s parent. This would be the case, for example, if one credit claimant is a stepparent. The parent would get the credit.


• If both taxpayers are the child’s parents, then the parent with whom the child lived the longest during the tax year would be allowed the credit. If the child lived with both separated parents for an identical amount of time, the credit would go to the parent with the highest adjusted gross income.


• Finally, if neither person is the child’s parent, the IRS would then allow the credit to the filer with the highest eligible AGI.

If several children are involved in a family situation where two taxpayers may claim them, the adults can decide to share the children for tax purposes. For example, you and your three children live with your mother. You can claim one child as a dependent and your mother can claim the other two. Again, if such a sharing agreement cannot be reached, the tiebreaker rules would come into play.

Final exemption factors

A spouse is never considered a dependent. However, you can claim an exemption for your husband or wife as long as you file a joint return.

You also are allowed an exemption deduction for yourself. But if you file a return while being claimed as a dependent on someone else’s 1040, the IRS warns that you won’t be able to claim a personal exemption on your own return.

Details and relationship dependency examples are available in IRS Publication 501, Exemptions, Standard Deduction and Filing Information.

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Wall Street dips at open, Boeing drags

NEW YORK (Reuters) - U.S. stocks fell off five-year highs on Wednesday as concerns about global economic growth offset strong bank results and shares of Boeing weighed on the Dow after two Japanese airlines grounded their Dreamliner fleets.

Goldman Sachs shares hit an 18-month high as its earnings nearly tripled on increased revenue from dealmaking and lower compensation expenses, while JPMorgan Chase said fourth-quarter net income jumped 53 percent and earnings for 2012 set a record.

JPMorgan shares were last down 0.8 percent at $46 and Goldman added 2 percent to $138.26.

Concern about global economic growth was weighing on the markets, said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.

A slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply scaled back its forecast for world growth in 2013 to 2.4 percent from an earlier forecast of 3.0 percent.

Shares of Dow component Boeing fell 3.5 percent to $74.25 on concerns about the safety of its new Dreamliner passenger jets. Japan's two leading airlines grounded their fleets of 787s after an emergency landing, adding to safety concerns triggered by a ream of recent incidents.

"It's certainly going to pull averages down, given Boeing's large market cap, but I don't see it as having broader market implications," Jankovskis said.

The Dow Jones industrial average <.dji> fell 61.79 points or 0.46 percent, to 13,473.1, the S&P 500 <.spx> lost 4.39 points or 0.3 percent, to 1,467.95 and the Nasdaq Composite <.ixic> dropped 2.72 points or 0.09 percent, to 3,108.06.

Losses on Nasdaq were limited by gains in Apple shares, which were up 2 percent at $495.75.

Talks to take Dell Inc private were at an advanced stage, with at least four major banks lined up to provide financing, two sources with knowledge of the matter told Reuters. Shares fell 3.6 percent to $12.69 after jumping more than 21 percent over the past two sessions.

U.S. consumer prices were flat in December, pointing to muted inflation pressures that should give the Federal Reserve room to prop up the economy by staying on its ultra-easy monetary policy path.

(Editing by Bernadette Baum)

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Lance Armstrong may not be done confessing

Lance Armstrong may not be done confessing.

His interview with Oprah Winfrey hasn't aired yet, but already some people want to hear more — under oath — before Armstrong is allowed to compete in elite triathlons, a sport he returned to after retiring from cycling in 2011. In addition to stripping him of all seven of his Tour de France titles last year, anti-doping officials banned Armstrong for life from sanctioned events.

"He's got to follow a certain course," David Howman, director general of World Anti-Doping Agency, told the AP. "That is not talking to a talk show host."

Armstrong already has had conversations with U.S. Anti-Doping Agency officials, touching off speculation that the team leader who demanded loyalty from others soon may face some very tough choices himself: whether to cooperate and name those who aided, knew about or helped cover up a sophisticated doping ring that Armstrong ran on his tour-winning U.S. Postal Service squads. Former teammate Frankie Andreu, one of several riders Armstrong cast aside on his ride to the top of the sport, said no one could provide a better blueprint for cleaning up the sport.

"Lance knows everything that happened," Andreu told The Associated Press. "He's the one who knows who did what because he was the ringleader. It's up to him how much he wants to expose."

World Anti-Doping Agency officials said nothing short of "a full confession under oath" would even cause them to reconsider the ban. Although Armstrong admitted to Winfrey on Monday that he used performance-enhancing drugs, Howman said that is "hardly the same as giving evidence to a relevant authority." The International Cycling Union also urged Armstrong to tell his story to an independent commission it has set up to examine claims that the sport's governing body hid suspicious samples, accepted financial donations, and helped Armstrong avoid detection in doping tests.

Winfrey wouldn't detail what Armstrong said during their interview at a downtown Austin hotel. In an appearance on "CBS This Morning," she said she was "mesmerized and riveted by some of his answers." What had been planned as a 90-minute broadcast will be shown as a two-part special, Thursday and Friday, on Winfrey's OWN network.

The lifetime ban was imposed after a 1,000-page report by USADA last year outlined a complex, long-running doping program led by Armstrong. The cyclist also lost nearly all of his endorsements and was forced to cut ties with the Livestrong cancer charity he founded in 1997. The damage to Armstrong's reputation was just as severe.

The report portrayed him as well-versed in the use of a wide range of performance-enhancers, including steroids and blood boosters such as EPO, and willing to exploit them to dominate. Nearly a dozen teammates provided testimony about that drug regimen, among them Andreu and his wife, Betsy.

"A lot of it was news and shocking to me," Andreu said. "I am sure it's shocking to the world. There's been signs leading up to this moment for a long time. For my wife and I, we've been attacked and ripped apart by Lance and all of his people, and all his supporters repeatedly for a long time. I just wish they wouldn't have been so blind and opened up their eyes earlier to all the signs that indicated there was deception there, so that we wouldn't have had to suffer as much.

"And it's not only us," he added, "he's ruined a lot of people's lives."

Armstrong was believed to have left for Hawaii. The street outside his Spanish-style villa on Austin's west side was quiet the day after international TV crews gathered there hoping to catch a glimpse of him. Meanwhile, members of his legal team mapped out a strategy on how to handle at least two pending lawsuits against Armstrong, and possibly a third.

Former teammate Floyd Landis, who was stripped of the 2006 Tour de France title for doping, alleges in one of the lawsuits that Armstrong defrauded the U.S. government by repeatedly denying he used performance-enhancing drugs. The False Claims Act lawsuit could require Armstrong to return substantial sponsorship fees and pay a hefty fine. The AP reported earlier Tuesday that Justice Department officials were likely to join the whistleblower lawsuit before a Thursday deadline.

___

Jim Litke reported from Chicago, Jim Vertuno from Austin, Texas. Stephen Wilson in London and John L. Mone in Dearborn, Mich., also contributed to this report.

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Are gun curbs just symbolism?

STORY HIGHLIGHTS

• Gun violence recommendations are expected from Vice President Biden on Tuesday


• The proposals are expected to contain substantive and symbolic ideas to curb gun violence


• Presidents use symbolism to shift public opinion or affect larger political or social change

Washington (CNN) -- The pictures told the story: Vice President Joe Biden looked solemn, patrician and in control as he sat at a long table in the White House, flanked by people on both sides of the gun control issue.

The images conveyed a sense that the White House was in command on this issue.

And that's the point. Historically, presidential administrations have used symbolic imagery—at times coupled with marginal actions—to shift public opinion or affect larger political or social change.

"Politics is a risk taking project," said Julian Zelizer, a Princeton University historian and CNN contributor. "They put together these commissions in response to some crisis. You try a hundred things and hope something works."

On the eve of the Biden-led gun control task force recommendations to President Barack Obama, political experts say it is important that his administration sends a clear signal that it has things in hand.

Obama says gun lobby stokes fear of federal action

That is especially critical in what will likely be an uphill battle to push specific changes, like an assault weapons ban, as part of a broader effort on gun control.

The first move in the image battle will be to appear to move quickly and decisively.

"You have to give the Obama administration credit for one thing: They've learned from history to do things quickly," Larry Sabato, director of the University of Virginia's Center for Politics, said of previous task force initiatives that fizzled.

In 2010, Obama appointed a bipartisan commission headed by former Republican Sen. Alan Simpson of Wyoming and Erskine Bowles, a former Democratic White House chief of staff, to come up with a proposal to balance the budget and cut the debt.

Like the gun task force, Simpson-Bowles reviewed current regulations, gathered input from the public and engaged in tense internal conversations. But after months of working on a proposal—a blend of steep revenue increases and spending cuts—the group struggled to agree to a solution. The president did not take up the recommendations.

Obama largely avoided the issue of gun control during his first term.

He wrote an opinion piece two months after the 2011 assassination attempt on Rep. Gabrielle Giffords of Arizona, acknowledging the importance of the Second Amendment right to bear arms. In the piece he also called for a focus on "effective steps that will actually keep those irresponsible, law-breaking few from getting their hands on a gun in the first place."

Newtown searches for answers a month later

But in the aftermath of that shooting and as the election season loomed, the Justice Department backed off from a list of recommendations that included a measure designed to help keep mentally ill people from getting guns.

For now, at least, there is a sense in Washington that the Newtown, Connecticut, school shooting where 26 people -- 20 of them young children -- were slaughtered could lead to meaningful legislative reform.

Public opinion would seem to suggest that the White House efforts are well timed.

In the month since the massacre, a new poll showed the percentage of Americans who said they were dissatisfied with America's gun laws has spiked.

The Gallup survey released on Monday showed 38% of Americans were dissatisfied with current gun regulations, and wanted stricter laws. That represented 13-point jump from one year ago, when 25% expressed that view. "You want to strike while the iron is hot," Sabato said. "We Americans have short attention spans and, as horrible as the Newtown shooting was, will anyone be surprised if we moved along by spring?"

The White House has since worked overtime to show it considers gun control an urgent matter.

The vice president has spent the last week meeting with what the White House calls "stakeholders" in the gun control debate.

On Monday, Biden was to meet with members of a House Democratic task force on guns, along with Attorney General Eric Holder, Homeland Security Secretary Janet Napolitano, and Kathleen Sebelius, the secretary of Health and Human Services.

Universal background check: What does it mean?

In a series of face to face discussions on Thursday, Biden sat down with the National Rifle Association and other gun owners groups before conferring with representatives from the film and television industry.

In a sign the White House is prepared to move aggressively on its proposals, Biden made public comments just before meeting with the National Rifle Association, the country's most powerful gun lobby.

"Putting the vice president in charge of (the task force) and having him meeting with these groups is intended to show seriousness and an effort to reach out and respond to concerns and wishes of various groups," said Alan Abramowitz, a political science professor at Emory University.

Still, the NRA expressed disappointment in its discussion with Biden and later released a statement that accused the administration of mounting "an agenda to attack the Second Amendment."

Organizations seeking tougher gun control laws insist an assault weapons ban is critical to addressing the nation's recent rash of mass shootings. However, such a ban could be difficult in a Congress mired in gridlock.

"The bully pulpit is limited. It's hard for the president to sustain that momentum," Zelizer said of the White House's gun control efforts after the Newtown shootings. "The thing about symbolism is, like the shock over Newtown, they fade quickly."

Newtown opens eyes to other gun violence against young people

CNN's Jim Acosta and Kevin Liptak contributed to this report

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Matt Damon “thrilled” for Ben Affleck’s movie awards triumphs

LOS ANGELES (Reuters) – Ben Affleck is storming through the Hollywood awards season with his movie “Argo,” and no-one could be happier than his old friend Matt Damon.

“Argo,” which Affleck directed, produced and stars in, won best drama movie and best director awards at both the Golden Globes on Sunday and the Critics Choice last week. It is also nominated for seven Oscars.

The story of the rescue of U.S. diplomats from Tehran after the 1979 Islamic Revolution, has put Affleck back in the spotlight after a grueling period 10 years ago when he became tabloid fodder while dating Jennifer Lopez, and the couple starred in 2003 romantic comedy flop “Gigli.”

Damon, with whom Affleck shared a screenplay Oscar for the 1997 film “Good Will Hunting,” talked with Reuters about his friend’s success.

Q: You must be so proud of Affleck.

A: “I’m just thrilled for him. I’m really happy. I’m not at all surprised, because I’ve known him for so long and I know how talented he is.”

Q: Ben went through a rough patch in the early 2000s when the media was merciless with him, his career and his personal life. Was it rough to watch from the sidelines?

A: “It was tough to watch him get kicked in the teeth for all those years because the perception of him was so not who he actually was. I always felt a knee-jerk need to defend him. It was just upsetting. It was upsetting for a lot of his friends because he’s the smartest, funnest, nicest, kindest, incredibly talented guy. And the perception of him was the opposite. So that was tough.”

Q: When did that perception change for better?

A: “It’s taken him a long time. It wasn’t one thing that got him out of the penalty box. He had to dig. He did a lot of really good work over a long amount of time. The last movie he did (“The Town”) was a great movie. And the movie before was a great too (“Gone Baby Gone”). Finally people now are ready to go, ‘Wow, he’s at the very top of the food chain.’”

Q: The two of you came up together in your careers, and won a screenplay Oscar together. How is it that you escaped the media scrutiny and he didn’t?

A: “Ten years ago he was in a relationship (with actress Jennifer Lopez) and he was on the cover of Us Weekly magazine every week. Nobody was more aware of it than him. I talked to him about it back then. He said, ‘I am in the absolute worse place you can be; I sell magazines not movie tickets.’ I remember our agent called up the editor of Us Weekly, begging her not to put him on the cover any more: Please stop. Just stop! And she said, ‘My hands are tied. He’s still moving magazines all through the mid-West. Sorry.’ So he was aware of what was happening as it was happening.”

Q: Do you think “Gigli” deserved to be vilified in that way that it was?

A: “There are a lot of movies that cost more and made less than ‘Gigli.’ But for some reason, people think ‘Gigli’ is the biggest bomb of the last decade and it wasn’t. There’s a narrative that gets attached to all this stuff and Ben knew it. He had a millstone around his neck and that’s it.”

Q: As Ben goes through this awards season, what are you feeling?

A: “Now I’m just thrilled. I’m watching him go through it and it’s great. He deserves everything that he’s going to get. Just for going through what he went through, he deserves it. But he deserves it because he made a great movie.”

(Reporting By Zorianna Kit, editing by Jill Serjeant and David Brunnstrom)

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Oil slips below $94 on lower growth in Germany

The price of oil slipped below $ 94 a barrel Tuesday due to concerns about weakening economic growth in Germany and expectations of a rise in U.S. crude stockpiles.

By early afternoon in Europe, benchmark crude for February delivery was down 31 cents to $ 93.83 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 58 cents to finish at $ 94.15 per barrel in New York on Tuesday.

Germany’s economy grew only 0.7 percent in 2012, suggesting it shrank in the fourth quarter, according to government figures. For 2012, the economy still grew faster than the rest of the 17 European Union countries which use the euro, but it showed a sharp drop over 2011, when it grew 3 percent.

The struggles of Europe’s largest economy corroborated figures released Monday which showed industrial output across the eurozone down in November for the third straight month.

The dispute in Washington about the U.S. debt ceiling was also discouraging oil investors, who will later in the day monitor fresh information on U.S. stockpiles of crude and refined products.

Data for the week ending Jan. 11 is expected to show a rise of 2.5 million barrels in crude oil stocks and of 3 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department’s Energy Information Administration — the market benchmark — will be out on Wednesday.

Brent crude, used to price international varieties of oil, was down 7 cents to $ 111.81 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline was down 0.91 cent at $ 2.7628 a gallon.

— Natural gas fell 0.1 cent to $ 3.363 per 1,000 cubic feet.

— Heating oil rose 0.13 cent to $ 3.0638.

___

Pamela Sampson in Bangkok contributed to this report.

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Retail sales point to firmer consumer spending

By Lucia Mutikani

WASHINGTON (Reuters) – Retail sales rose solidly in December as Americans shrugged off the threat of higher taxes and bought automobiles and a range of other goods, suggesting momentum in consumer spending as the year ended.

Other data on Tuesday showed inflation pressures remained muted, with wholesale prices declining for a third straight month in December. That should allow the Federal Reserve to stay on its very easy monetary policy path to nurse the recovery.

Retail sales increased 0.5 percent after rising 0.4 percent in November, the Commerce Department said. Economists polled by Reuters had expected sales to rise only 0.2 percent.

Sales were up 4.7 percent from December 2011 and rose 5.2 percent for the whole of 2012.

“That does suggest a resilient consumer in the face of the fiscal cliff debates. It offers a favorable sign for fourth-quarter growth,” said Joe Manimbo, a senior market analyst at Western Union Business Solutions in Washington.

So-called core sales, which strip out automobiles, gasoline and building materials and correspond most closely with the consumer spending component of gross domestic product, increased 0.6 percent after advancing 0.5 percent in November.

The second straight month of gains in core sales suggested consumer spending picked up in the fourth quarter after rising at a annual pace of 1.6 percent in the July through September period.

While economists did not immediately raise their GDP estimates for the final three months of 2012 in response to the data, they said the risks were tilted to the upside. Last week, analysts slashed their growth forecasts in the wake of a wider trade deficit in November.

Higher taxes are expected to keep consumer spending tepid early this year and a looming fight over raising the country’s debt ceiling could dent consumer sentiment.

Economists estimate that tax increases which kicked in this month could shave as much as 1.2 percentage points off consumer spending in the first quarter.

In a second report, the Labor Department said its seasonally adjusted producer price index slipped 0.2 percent last month. Economists polled by Reuters had expected prices at farms, factories and refineries to drop 0.1 percent last month.

Wholesale prices, excluding volatile food and energy costs, rose a modest 0.1 percent, in line with analysts’ forecasts.

Retail sales last month were up almost across the board, with receipts at auto dealerships rising 1.6 percent after increasing 2.7 percent in November.

Sales at service stations fell 1.6 percent, reflecting a 14 cent drop in gasoline prices at the pump. Receipts at gasoline stations declined 4.5 percent in November.

Sales at building materials and garden equipment suppliers were flat after rising 0.8 percent.

There were gains in furniture sales, while sales at clothing retailers rose by the most since February.

Receipts at sporting goods, hobby, book and music stores rose 0.6 percent. Sales at electronics and appliances shops fell 0.6 percent.

(Additional reporting by Jason Lange in Washington and Wanfeng Zhou in New York; Editing by Andrea Ricci)

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Wall Street opens lower on debt limit concern

DEAR ABBY: Recently my husband, "Byron," and I had an argument, and he took off in his truck. He didn't return until after work the following day. He had he spent the night at our friend "Arlene's" house. She is divorced and lives alone. Byron assures me "nothing happened" between them. I want to believe him, but ever since this incident, Arlene will not look me in the eye or speak to me.I love Byron and trusted him until now. It hurts to think that our marriage may be ruined over a stupid argument. ...

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Oprah: Lance Armstrong admitted doping

AUSTIN, Texas (AP) — Lance Armstrong has finally come clean.

Armstrong confessed to doping during an interview with Oprah Winfrey taped Monday, just a couple of hours after a wrenching apology to staff at the Livestrong charity he founded and has now been forced to surrender.

The day ended with 2 1/2 hours of questions from Winfrey at a downtown Austin hotel, where she said the world's most famous cyclist was "forthcoming" as she asked him in detail about doping allegations that followed him throughout his seven Tour de France victories.

Speaking on "CBS This Morning," Winfrey said Tuesday she had not planned to address Armstrong's confession before the interview aired on her OWN network but, "by the time I left Austin and landed in Chicago, you all had already confirmed it."

"So I'm sitting here now because it's already been confirmed," she added.

The session was to be broadcast on Thursday but Winfrey said it will now run in two parts over two nights because there is so much material.

Winfrey would not characterize whether Armstrong seemed contrite but said he seemed ready for the interview. "I would say that he met the moment," she said.

"I don't think 'emotional' begins to describe the intensity or the difficulty he experienced in talking about some of these things."

The confession was a stunning reversal for a proud athlete and celebrity who sought lavish praise in the court of public opinion and used courtrooms to punish his critics.

For more than a decade, Armstrong dared anybody who challenged his version of events to prove it. Finally, he told the tale himself after promising over the weekend to answer Winfrey's questions "directly, honestly and candidly."

The cyclist was stripped of his Tour titles, lost most of his endorsements and was forced to leave Livestrong last year after the U.S. Anti-Doping Agency issued a damning, 1,000-page report that accused him of masterminding a long-running doping scheme.

The International Cycling Union, or UCI, issued a statement on Tuesday saying it was aware of the reports that Armstrong had confessed to Winfrey. The governing body for the sport urged Armstrong to tell his story to an independent commission it has set up to examine claims it covered up suspicious samples from the cyclist, accepted financial donations from him and helped him avoid detection in doping tests.

Armstrong started Monday with a visit to the headquarters of Livestrong, the charity he founded in 1997 and turned into a global force on the strength of his athletic dominance and personal story of surviving testicular cancer that had spread to his lungs and brain.

About 100 Livestrong staff members gathered in a conference room as Armstrong told them "I'm sorry." He choked up during a 20-minute talk, expressing regret for the long-running controversy tied to performance-enhancers had caused, but stopped short of admitting he used them.

Before he was done, several members were in tears when he urged them to continue the charity's mission, helping cancer patients and their families.

"Heartfelt and sincere," is how Livestrong spokeswoman Katherine McLane described his speech.

Armstrong later huddled with almost a dozen people before stepping into a room set up at a downtown Austin hotel for the interview with Winfrey. The group included close friends and lawyers. They exchanged handshakes and smiles, but declined comment.

Winfrey has promoted her interview, one of the biggest for OWN since she launched the network in 2011, as a "no-holds barred" session, and after the voluminous USADA report — which included testimony from 11 former teammates — she said she went into the session with 112 questions ready to go. Not all of them were asked, she said, but many were.

USADA chief executive Travis Tygart, a longtime critic of Armstrong's, called the drug regimen practiced while Armstrong led the U.S. Postal Service team "the most sophisticated, professionalized and successful doping program that sport has ever seen." USADA did not respond to requests for comment about Armstrong's confession.

For years, Armstrong went after his critics ruthlessly during his reign as cycling champion. He scolded some in public and didn't hesitate to punish outspoken riders during the race itself. He waged legal battles against still others in court.

At least one of his opponents, the London-based Sunday Times, has already filed a lawsuit to recover about $500,000 it paid him to settle a libel case, and Dallas-based SCA Promotions, which tried to deny Armstrong a promised bonus for a Tour de France win, has threatened to bring another lawsuit seeking to recover more than $7.5 million awarded by an arbitration panel.

In Australia, the government of South Australia state said Tuesday it will seek the repayment of several million dollars in appearance fees paid to Armstrong for competing in the Tour Down Under in 2009, 2010 and 2011.

"We'd be more than happy for Mr. Armstrong to make any repayment of monies to us," South Australia Premier Jay Weatherill said.

Betsy Andreu, the wife of former Armstrong teammate Frankie Andreu, was one of the first to publicly accuse Armstrong of using performance-enhancing drugs. She called news of Armstrong's confession "very emotional and very sad," and choked up when asked to comment.

"He used to be one of my husband's best friends and because he wouldn't go along with the doping, he got kicked to the side," she said. "Lance could have a positive impact if he tells the truth on everything. He's got to be completely honest."

Betsy Andreu testified in SCA's arbitration case challenging the bonus in 2005, saying Armstrong admitted in an Indiana hospital room in 1996 that he had taken many performance-enhancing drugs, a claim Armstrong vehemently denied.

"It would be nice if he would come out and say the hospital room happened," Andreu said. "That's where it all started."

Former teammate Floyd Landis, who was stripped of the 2006 Tour de France title for doping, has filed a federal whistle-blower lawsuit that accused Armstrong of defrauding the U.S. Postal Service. An attorney familiar with Armstrong's legal problems told the AP that the Justice Department is highly likely to join the lawsuit. The False Claims Act lawsuit could result in Armstrong paying a substantial amount of money to the U.S. government. The deadline for the department to join the case is Thursday, though the department could seek an extension if necessary.

According to the attorney, who works outside the government, the lawsuit alleges that Armstrong defrauded the U.S. government based on his years of denying use of performance-enhancing drugs. The attorney spoke on condition of anonymity because the source was not authorized to speak on the record about the matter.

The lawsuit most likely to be influenced by a confession might be the Sunday Times case. Potential perjury charges stemming from Armstrong's sworn testimony in the 2005 arbitration fight would not apply because of the statute of limitations. Armstrong was not deposed during the federal investigation that was closed last year.

Armstrong is said to be worth around $100 million. But most sponsors dropped him after USADA's scathing report — at the cost of tens of millions of dollars — and soon after, he left the board of Livestrong.

After the USADA findings, he was also barred from competing in the elite triathlon or running events he participated in after his cycling career. World Anti-Doping Code rules state his lifetime ban cannot be reduced to less than eight years. WADA and U.S. Anti-Doping officials could agree to reduce the ban further depending on what information Armstrong provides and his level of cooperation.

___

Litke reported from Chicago. Pete Yost in Washington also contributed to this report.

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Is China easing up on local media?

A protester calls for greater media freedom outside the headquarters of Nanfang Media Group in Guangzhou on Jan. 9.

STORY HIGHLIGHTS

• Young: Handling of Southern Weekly row demonstrated tolerant side of new leadership


• Traditional, newer media can serve as tools for achieving goals in China's modernization


• The fight against corruption in China is at the top of the list for incoming leader, Xi Jinping


• Young: Media has also emerged as an important tool for combating other social problems

Editor's note: Doug Young teaches financial journalism at Fudan University in Shanghai and is the author of The Party Line: How the Media Dictates Public Opinion in Modern China published by John Wiley & Sons. He also writes daily on his blog, Young's China Business Blog, commenting on the latest developments in China's fast-moving corporate scene.

Shanghai, China (CNN) -- China's traditional iron-handed approach to the media has taken a surprise turn of tolerance with Beijing's soft handling of a recent dispute with local reporters, in what could well become a more open attitude toward the media under the incoming administration of presumed new President Xi Jinping.

The new openness is being driven in large part by pragmatism, as the government realizes that both traditional and newer media can serve as powerful tools for achieving many of its goals in the country's modernization.

The recent conflict between reporters at the progressive Southern Weekly and local propaganda officials over a censorship incident left many guessing how the government would respond to the first clash of its kind in China for more than 20 years. The result was a surprisingly mild approach, including mediation by a high-level government official and a vague promise for less censorship in the future.

Read: Censorship protest a test for China

The unusually tolerant tack could well reflect a new attitude by Xi and other incoming leaders set to take control of China for the next decade, all of whom have come to realize the media can serve many important functions beyond its traditional role as a propaganda machine.

At the top of Xi's list is the fight against corruption, a problem he has mentioned frequently since taking the helm of the Communist Party last year. The party has tried to tackle the problem for years using its own internal investigations, but progress was slow until recently due to protection many officials received through their own sprawling networks of internal relationships, known locally as guanxi.

Read: Corruption as China's top priority

All that began to change in the last two years with the rapid rise of social media, most notably the Twitter-like microblogs known as Weibo that are now a pervasive part of the Chinese Internet landscape and count hundreds of millions of ordinary Chinese among their users. Those social media have become an important weapon for exposing corruption, allowing thousands of ordinary citizens to pool their resources and build cases against officials they suspect of using their influence for personal gain.

This increasingly sophisticated machine was on prominent display last year in a case involving Yang Dacai, a local official in northwestern Shaanxi province who infuriated the online community by smiling at the site of a horrific accident scene. Netizens quickly turned their outrage into an online investigation, and uncovered photos of him wearing several luxury watches he could hardly afford on his government salary. As a result, the government ultimately opened an investigation into the matter and Yang was sacked from his posts.

In addition to its role in battling corruption, the media has also emerged as an important tool for combating and addressing many of the other social problems that China is facing in its rapid modernization. Barely a week goes by without a report on the latest national food safety scandal or case of illegal pollution in both traditional and social media, with such reports often followed by government investigations.

Beijing leaders have also discovered that the media can also be an important vehicle for improving communication between the government and general public -- something that was a low priority in previous eras when officials only cared about pleasing their higher-up party bosses.

Following a Beijing directive in late 2011, most local government agencies and other organizations have all established microblog accounts, which they use to keep the public informed about their latest activities and seek feedback on upcoming plans. Such input has become a valuable way to temper traditional public mistrust toward the government, which historically didn't make much effort to include the public in any of its internal discussions.

Lastly, the government has also discovered that media, especially social media, can be an effective tool in gauging public opinion on everything from broader national topics like inflation down to very local issues like land redevelopment. Such feedback was difficult to get in the past due to interference by local officials, who tried to filter out or downplay anything with negative overtones and play things up to their own advantage. As a result, central government officials often received incomplete pictures of what was happening in their own country.

With all of these valuable roles to play, the media has become an increasingly important part of Beijing's strategy in executing many of its top priorities.

The government also realizes that a certain degree of openness is critical to letting the media perform many of those roles, which may explain its relatively tolerant approach in the recent Southern Weekly conflict. Such tolerance is likely to continue under Xi's administration, helping to shift more power towards a field of increasingly emboldened reporters at both traditional and new media and away from their traditional propaganda masters.

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of Doug Young.

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CBS orders untitled Jim Gaffigan project to pilot

LOS ANGELES (TheWrap.com) – CBS has ordered an untitled Jim Gaffigan project to pilot, the network announced on Friday.

Much like FX’s “Louie,” the proposed single-camera series sounds as if it will be largely autobiographical on the stand-up comic’s life.

Executive produced and written by both Gaffigan and Peter Tolan (“Rescue Me”), Gaffigan will star as the happily married and harried father of five living in New York City.

Gaffigan’s manager, Alex Murray, will also serve as an executive producer on the Sony Television production, along with Michael Wimer of Tolan’s Fedora Entertainment.

Gaffigan has starred in a number of television and film projects over the years, including TBS’ “My Boys,” but most recently won an Emmy for his 2012 comedy album “Mr. Universe.”

His newest book, “Dad is Fat,” hits shelves this May.

TV News Headlines – Yahoo! News

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City sackings ‘at five-year high’

14 January 2013 Last updated at 07:35 ET

Dismissals and suspensions in the UK financial services sector hit a five-year high in 2012, according to data from the Financial Services Authority.

Some 1,373 workers were sacked for disciplinary reasons, up 76% from 2011.

The total number of job losses in the sector – including redundancies, resignations and retirements – was also at a five-year high, of 177,697.

The data was obtained from the FSA by law firm Pinsent Masons under a freedom of information request.

“The FSA has increasingly shown that it is cracking down on financial crime and market abuse,” said Helen Farr, a London-based partner in the financial services team at Pinsent Masons.

“FSA enforcement activity has clearly had an impact on firms’ willingness to tolerate wrongdoing. Firms now appear much more likely to discipline employees for offences.”

The spike in dismissals follows a string of scandals in recent years:

• the manipulation of Libor – an international benchmark interest rate set by the London banks and used for trillions of dollars’ worth of financial contracts


• the mis-selling of payment protection insurance to mortgage borrowers


• the mis-selling of interest rate and currency hedging products to small businesses


• a string of insider trading cases


• the conviction of London-based rogue trader Kweku Adoboli, who lost $ 2.3bn (£1.5bn) for Swiss bank UBS

Banks and other financial firms are required to inform FSA of any change in employment status of workers required to be registered with the City watchdog.

The data does not take account of possible reemployment of the dismissed workers at another firm or internally within the same company.

BBC News – Business

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MetLife, GE close deal for $6.4 billion in bank deposits

(Reuters) – MetLife Inc (MET) said on Monday it had closed the sale of its deposit business to General Electric Co (GE), a move that allows the U.S. insurer to drop its registration as a bank holding company and provides GE Capital with an alternative source of funding for its lending business.

The deal, for $ 6.4 billion in bank deposits, had been in the works for more than a year with regulatory review the main reason for the delay.

The two companies in September tweaked the deal structure to make it subject to the approval of the Office of the Comptroller of the Currency, rather than the Federal Deposit Insurance Corp, and won approval in mid-December.

Fairfield, Connecticut-based GE reached the deal to buy the deposit-taking unit in December 2011, with an eye toward making its GE Capital finance unit less dependent on borrowing.

New York-based MetLife said the deal reflected its desire to focus on its insurance and employee benefit operations.

(Reporting by Scott Malone in Boston; Editing by Dale Hudson)

Yahoo! Finance – Personal Finance | Insurance

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Wall Street edges lower at open as Apple drags

MELBOURNE, Jan 14 (Reuters) - A nervous Sam Stosur survived the first test of her annual battle with stage-fright at the Australian Open, but the spotlight is set to focus on the ninth seed after all of her compatriots were dumped from the first round on Monday. Australia's hopes of a home-bred champion at the year's first grand slam have gone unfulfilled for 34 years and, with Lleyton Hewitt crashing out against eighth seed Janko Tipsarevic late in the evening, appeared set for further frustration. ...

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Title games feature Ravens-Pats, 49ers-Falcons

One game is a rematch. The other might feel like one — at least to one of the teams.

For the second straight year in the AFC, the New England Patriots will host the Baltimore Ravens with a trip to the Super Bowl on the line.

In the NFC, it will be San Francisco traveling to Atlanta, with the Falcons defense trying to stop a versatile, running quarterback for the second straight week.

"Russell Wilson and Colin Kaepernick are mobile quarterbacks who throw the ball at extremely accurate levels," Falcons safety Thomas DeCoud said. "We can use this game as a cheat sheet to prepare for next week."

On Sunday, the Falcons barely got past Wilson and the Seattle Seahawks, who overcame a 20-point deficit to take a one-point lead, but gave it up after Matt Ryan drove Atlanta into field goal range and Matt Bryant made a 49-yard kick with 8 seconds left.

Atlanta is the only team not making a repeat appearance in the NFL's final four. Last year, it was the Giants playing, and beating, the 49ers for the NFC title.

On Saturday, Kaepernick passed for 263 yards and rushed for 181 — a playoff record for a quarterback — to defeat Green Bay 45-31.

"We're one step closer to where we want to be," said Kaepernick. San Francisco hasn't been to the Super Bowl since 1995, when Steve Young led the 49ers to their fifth Lombardi Trophy.

Though the Niners must travel cross country for the game, they opened as 3-point favorites in a meeting of teams that played twice a year until 2003, when Atlanta was moved from the NFC West to the NFC South. Their only previous playoff meeting was a 20-18 win for the Falcons in the 1998 divisional playoffs. Atlanta won at Minnesota the next week to make its only Super Bowl.

San Francisco's 20-17 overtime loss last year to the Giants was part of a tense day of football that began with New England's 23-20 victory over the Ravens in the AFC title game.

In that game, Billy Cundiff missed a 32-yard field goal that would have tied the game with 11 seconds left.

This season, Justin Tucker beat out Cundiff for the kicker's job. Tucker hit a 47-yarder against Denver on Saturday to lift the Ravens to a 38-35 win in double overtime, extending Ray Lewis' career for at least one more week and putting the 17-year veteran one win away from his second Super Bowl.

"We fought hard to get back to this point and we're definitely proud of being here," Ravens quarterback Joe Flacco said. "We feel like it's going to take a lot for somebody to come and kick us off that field come the AFC championship game."

Lewis and the Ravens will have to stop the NFL's most potent offense. The Patriots put up 457 yards in a 41-28 victory over Houston, which left them one win away from their sixth Super Bowl in the 2000s.

"I think the two best teams are in the final," Patriots quarterback Tom Brady said. "Baltimore certainly deserve to be here and so do we."

The Patriots were made early 9½-point favorites against the Ravens.

These teams met in the regular season and that game was also decided by a kick — Tucker's 27-yard field goal that sneaked through the right upright for a 31-30 victory. Or did it?

While the Ravens were celebrating, Pats coach Bill Belichick ran to midfield and grabbed a replacement official's arm as he tried to exit the field. The NFL fined Belichick $50,000 for the gesture.

New England is the even-money favorite in Vegas to win the Super Bowl. San Francisco is next at 2-1, followed by Atlanta (5-1) and Baltimore (8-1).

Among the possible Super Bowl story lines:

—The Harbaugh Bowl. Jim Harbaugh coaches the 49ers and John Harbaugh coaches the Ravens.

—A rematch of San Francisco's 41-34 win at New England on Dec. 16 — one of the most entertaining games of the regular season.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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Quest: U.S. economy to dominate Davos

The United States and the sorry state of its political and budgetary process will be the center of attention at Davos, writes Quest

STORY HIGHLIGHTS

• Quest: Davos is a chance to see where the political and economic landmines are in 2013


• Quest: People will be speculating about how dysfunctional the U.S. political process has become


• Quest: Davos has been consumed by eurozone sovereign debt crises for three years

Editor's note: Watch Quest Means Business on CNN International, 1900pm GMT weekdays. Quest Means Business is presented by CNN's foremost international business correspondent Richard Quest. Follow him on Twitter.

(CNN) -- It is that time of the year, again. Come January no sooner have the Christmas trees been taken down, as the winter sales are in full vicious flood the world of business start thinking about going to the world economic forum, better known as Davos.

For the past three years Davos has been consumed by the eurozone sovereign debt crises.

As it worsened the speculation became ever more frantic.....Will Greece leave the euro? Will the eurozone even survive? Was this all just a big German trick to run Europe? More extreme, more dramatic, more nonsense.

Can China be the biggest engine of growth for the global economy. Round and round in circles we have gone on these subjects until frankly I did wonder if there was anything else to say short of it's a horrible mess!

This year there is a new bogey man. The US and in particular the sorry state of the country's political and budgetary process will, I have little doubt, be the center of attention.

Read more: More 'cliffs' to come in new Congress

Not just because Congress fluffed its big test on the fiscal cliff, but because in doing so it created many more deadlines, any one of which could be deeply unsettling to global markets... There is the $100 billion budget cutbacks postponed for two months by the recent agreement; postponed to the end of February.

At exactly the same time as the US Treasury's ability to rob Peter to pay Paul on the debt ceiling crises comes to a head.

Read more: Both Obama, GOP set for tough talks ahead

The Treasury's "debt suspension period" is an extraordinary piece of financial chicanery that if we tried it with our credit cards would get us locked up!! Then there is the expiration of the latest continuing resolution, the authority by which congress is spending money.

There is the terrifying prospect that all these budget woes will conflate into one big political fist fight as the US faces cutbacks, default or shutdown!!

I am being alarmist. Most rational people believe that the worst sting will be taken out of this tail....not before we have all been to the edge...and back. And that is what Davos will have on its mind.

People will be speculating about how dysfunctional the US political process has become and is it broken beyond repair (if they are not asking that then they should be...)

They will be pondering which is more serious for risk...the US budget and debt crises or the Eurozone sovereign debt debacle. A classic case of between the devil and the deep blue sea.

The official topic this year is Resilient Dynamism. I have absolutely no idea what this means. None whatsoever. It is another of WEF's ersatz themes dreamt up to stimulate debate in what Martin Sorrell has beautifully terms "davosian language" In short everyone interprets it as they will.

What I will enjoy, as I do every year, is the chance to hear the global players speak and the brightest and best thinkers give us their take on the global problems the atmosphere becomes febrile as the rock-stars of finance and economics give speeches, talk on panels and give insight.

Of course comes of these musings, it never does at Davos. That's not the point. This is a chance to take stock and see where the political and economic landmines are in 2013. I like to think of Davos as the equivalent of Control/Alt/Delete. It allows us to reboot.

We leave at least having an idea of where people stand on the big issues provided you can see through the panegyrics of self congratulatory back slapping that always takes place whenever you get like minded people in one place... And this year, I predict the big issue being discussed in coffee bars, salons and fondue houses will be the United States and its budgetary woes.

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PHOTOS: Miss America winners, yesterday and today

Miss America is in a New York state of mind.

Mallory Hagan of New York City won the beauty pageant Saturday night after tap dancing to James Brown’s “Get Up Off of That Thing” and answering a question about whether armed guards belong in grade schools by saying we should not fight violence with violence.

By capturing the crown, Hagan receives a $ 50,000 scholarship and a yearlong run as an advocate and role model.

Here, in images, is a look at some of the present and past winners:

Entertainment News Headlines – Yahoo! News

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Support for Spain’s leaders drops to a new low: poll

MADRID (Reuters) – Support for Spain‘s political leaders has fallen to a new low, according to a poll published by El Pais on Sunday, in the midst of a deep economic recession and record high unemployment.

In a survey by Metroscopia January 9 and 10, only 29.8 percent said they would vote for Spain’s ruling People’s Party (PP), the lowest level of support since the November 2011 election when it won an absolute majority and over half of the vote.

Spain’s economy is expected to continue to contract through 2013 and protests at austerity measures are on the rise, with over one in four workers unemployed.

The economy has shrunk for three of the last four years after the bursting of a property bubble destroyed consumer and business sentiment and left the government applying budget cuts to control one of the euro zone’s highest public deficits.

While the poll showed growing disillusionment with Spain’s leaders – 84 percent said they had little or no confidence in Prime Minister Mariano Rajoy – the main Socialist opposition also saw sliding support.

Just 23.3 percent said they would vote for the Socialists, in power from 2004 to 2011, down from 28.7 percent during the 2011 election.

Meanwhile, support jumped for the smaller left-wing IU party, up to 15.6 percent in January from 7.7 percent a year ago, and the centrist UPyD, rising to 10.2 percent from 4.6 percent in January 2012.

The poll also showed that 74 percent of those surveyed did not believe the government knew how to resolve the economic crisis, while 96 percent said there was a great deal of corruption amongst Spanish politicians.

(Reporting by Paul Day; editing by Andrew Roche)

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Qatar Airways sells stake in Cargolux carrier

DOHA, Qatar (AP) — The head of Qatar Airways says the carrier has sold its entire 35 percent stake on the freight hauler Cargolux back to authorities in Luxembourg.

The move comes just months after Qatar Airways boosted cargo services to the U.S. via Cargolux’s base. Qatar Airways bought the 35 percent stake in Cargolux in June.

Qatar Airways CEO Akbar al-Baker says the deal was finalized Jan. 1 to sell the share back to the Luxembourg state. He told reporters Sunday that Luxembourg viewed Cargolux as a national carrier that should be fully owned by the state.

Al-Baker said the Doha-based airline is not actively seeking any new alliances or purchases, but is carefully studying reforms that could open the Indian market.

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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.

The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.

Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.

An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.

"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"What we're looking for is demand. Demand from small business owners, from consumers."

EARNINGS AND ECONOMIC EXPECTATIONS

Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.

Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.

Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.

Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.

HOUSING, INDUSTRIAL DATA ON TAP

Next week will also feature the release of a wide range of economic data.

Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.

Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.

Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.

"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."

POLITICAL ANXIETY

Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.

The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.

Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.

The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.

"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.

The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.

"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."

(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)

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Ravens shock Broncos; 49ers rout Packers

The 49ers and Ravens are getting another shot at making the Super Bowl.

Losers in tight conference championship games a year ago, they are returning to the final step before the big game in the Big Easy after wins Saturday.

Baltimore took the long, frigid route, rallying at Denver for a 38-35 victory in an AFC divisional playoff. The Ravens will go to either New England, where they lost 23-20 in the conference championship match last January, or Houston. The Patriots and Texans face off Sunday in Foxborough, Mass.

San Francisco took the NFC game at night 45-31 over Green Bay behind the running and passing of quarterback Colin Kaepernick. That gave both coaching Harbaughs victories Saturday: Jim with the 49ers, John with the Ravens.

San Francisco fell in overtime to the New York Giants for the NFC title last year. The Niners will either visit Atlanta or host Seattle in next weekend's championship matchup.

The wild-card Seahawks are at the Falcons in Sunday's early game.

Second-year QB Kaepernick made Jim Harbaugh's decision to stick with him over incumbent Alex Smith during the season look brilliant. He set a playoff mark for the position by rushing for 183 yards, including a 56-yard TD, and threw for 263 yards. Kaepernick hit Michael Crabtree for two scores and Frank Gore rushed for 119 yards.

The AFC West champion Niners (12-4-1) gained 579 yards.

"It feels like we're in the same place," Crabtree said. "Winning that game last year, we're in the same place. It's just what we do the next game. It's all about the next game."

The NFC North-winning Packers (12-6) beat Minnesota in the wild-card round last weekend, but their defense was overmatched at San Francisco.

Aaron Rodgers finished 26 for 39 for 257 with two TDs and an interception.

Ravens 38, Broncos 35, 2 OT

Rookie Justin Tucker's 47-yard field goal 1:42 into the second overtime of the longest playoff game in 26 years advanced the Ravens and kept star linebacker Ray Lewis' career going at least another week.

Earlier this season, the AFC North champ Ravens (12-6) beat the Patriots 31-30 in Baltimore. They lost 43-13 at Houston.

Joe Flacco's 70-yard heave to Jacoby Jones with 31 seconds remaining forced the overtime. Flacco is the only quarterback to win playoff games in each of his first five seasons, and he heads to his third AFC championship match. He also lost to Pittsburgh in the 2008 title game.

"We fought hard to get back to this point and we're definitely proud of being here." Flacco said. "We feel like it's going to take a lot for somebody to come and kick us off that field come the AFC championship game."

Lewis announced before they beat Indianapolis in the wild-card round that this was the last of his 17 pro seasons. It's still going.

"When you look back at it and let the emotions calm down, it will probably be one of the greatest victories in Ravens history," Lewis said. "It's partly because of the way everything was stacked against us coming in."

Peyton Manning lost in his first postseason appearance with the AFC West-winning Broncos (13-4), who had won their last 11 games to earn home-field advantage in the playoffs. They wasted it by giving up long plays, negating a record-setting performance by kick returner Trindon Holliday.

Holliday ran back the second-half kickoff 104 yards for a TD. He went 90 yards with a first-quarter punt return to become the first player to score on one of each in a playoff game.

"He's one of the greatest quarterbacks of all time and for us to come in here and confuse him the way we did, and make the plays we did?" Lewis said. "We gave up two big special teams touchdowns, but the bottom line is, but we kept fighting."

Seahawks (12-5) at Falcons (13-3)

Oddly, there might be more doubts floating around the home team with the spiffy record than the visitors.

While Seattle has won six in a row, erased its reputation as a road flop with three straight away victories — including last week at Washington — and has the league's stingiest defense.

It's NFC South champ Atlanta, 0-3 in the postseason under coach Mike Smith and with Matt Ryan at quarterback, that probably faces more pressure.

"We've been disappointed a few times," said center Todd McClure, a Falcon for 13 years. "I think we've got guys in this locker room who are hungry and ready to get over that hump."

One of them is Tony Gonzalez, the career leader in nearly all receiving categories among tight ends. In 16 pro seasons, Gonzalez never has won a playoff game. And he's said this very likely is his final year in the NFL.

"I'm not going to lie to you," he said. "I really, really, really want to win this game."

To get it, Gonzalez, Ryan and star receivers Julio Jones and Roddy White must contend with the league's most physical defense, a unit that completely shut down the Redskins for three quarters in the 24-14 wild-card win.

"I expect our guys to try to play like they always play," Seattle coach Pete Carroll said. "They don't need to change anything because we're not doing anything different, we're going to try and hang with them, and we'll find out what happens."

Texans (13-4) at Patriots (12-4)

Houston's reward for its wild-card win over Cincinnati is a return to trip to Foxborough, where the Texans' late-season spiral began. Houston was in position for home-field advantage in the AFC before being routed 42-14 by the Patriots, then losing twice more in the final three games.

This is only the fourth postseason game in the Texans' 11-season NFL history. The Patriots began winning Super Bowls with Tom Brady before the Texans were born.

AFC South champion Houston must bring the fierce pass rush it often has shown with end J.J. Watt, who led the NFL with 20 1-2 sacks.

"Biggest goal of them all, Super Bowl, and this is a big step for us," Watt said, "and we're really excited about the challenge."

That challenge comes against the NFL's most prolific offense. The Texans and Patriots allowed the same number of points, 331, but AFC East winner New England led the NFL in scoring with 557 points, 34.8 per game.

Brady would surpass Joe Montana for most postseason victories by a quarterback by beating Houston. Brady is 16-6, although he began 10-0.

He isn't looking for a repeat of the Dec. 10 romp.

"Giving us an opportunity to have this game at home, I think that's the important thing about last game," Brady said. "Other than that, this is going to be a whole different game full of our own execution, our ability to try to beat a very good football team that's played well all year."

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Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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Saudi execution: Brutal and illegal?

STORY HIGHLIGHTS

• Saudi authorities beheaded Rizana Nafeek, a Sri Lankan woman


• She was convicted of killing a baby of the family employing her as a housemaid


• This was despite Nafeek's claims that the baby died in a choking accident


• Becker says her fate "should spotlight the precarious existence of domestic workers"

Jo Becker is the Children's Rights Advocacy Director for Human Rights Watch and author of 'Campaigning for Justice: Human Rights Advocacy in Practice.' Follow Jo Becker on Twitter.

(CNN) -- Rizana Nafeek was a child herself -- 17 years old, according to her birth certificate -- when a four-month-old baby died in her care in Saudi Arabia. She had migrated from Sri Lanka only weeks earlier to be a domestic worker for a Saudi family.

Although Rizana said the baby died in a choking accident, Saudi courts convicted her of murder and sentenced her to death. On Wednesday, the Saudi government carried out the sentence in a gruesome fashion, by beheading Rizana.

Jo Becker

Read more: Outrage over beheading of Sri Lankan woman by Saudi Arabia

Rizana's case was rife with problems from the beginning. A recruitment agency in Sri Lanka knew she was legally too young to migrate, but she had falsified papers to say she was 23. After the baby died, Rizana gave a confession that she said was made under duress -- she later retracted it. She had no lawyer to defend her until after she was sentenced to death and no competent interpreter during her trial. Her sentence violated international law, which prohibits the death penalty for crimes committed before age 18.

Rizana's fate should arouse international outrage. But it should also spotlight the precarious existence of other domestic workers. At least 1.5 million work in Saudi Arabia alone and more than 50 million -- mainly women and girls -- are employed worldwide according to the International Labour Organization (ILO).

Read more: Indonesian maid escapes execution in Saudi Arabia

Again according to the ILO, the number of domestic workers worldwide has grown by more than 50% since the mid-1990s. Many, like Rizana, seek employment in foreign countries where they may be unfamiliar with the language and legal system and have few rights.

When Rizana traveled to Saudi Arabia, for example, she may not have known that many Saudi employers confiscate domestic workers' passports and confine them inside their home, cutting them off from the outside world and sources of help.

It is unlikely that anyone ever told her about Saudi Arabia's flawed criminal justice system or that while many domestic workers find kind employers who treat them well, others are forced to work for months or even years without pay and subjected to physical or sexual abuse.

Passport photo of Rizana Nafeek

Read more: Saudi woman beheaded for 'witchcraft and sorcery'

Conditions for migrant domestic workers in Saudi Arabia are among some of the worst, but domestic workers in other countries rarely enjoy the same rights as other workers. In a new report this week, the International Labour Organization says that nearly 30% of the world's domestic workers are completely excluded from national labor laws. They typically earn only 40% of the average wage of other workers. Forty-five percent aren't even entitled by law to a weekly day off.

Last year, I interviewed young girls in Morocco who worked 12 hours a day, 7 days a week for a fraction of the minimum wage. One girl began working at age 12 and told me: "I don't mind working, but to be beaten and not to have enough food, this is the hardest part."

Many governments have finally begun to recognize the risks and exploitation domestic workers face. During 2012, dozens of countries took action to strengthen protections for domestic workers. Thailand, and Singapore approved measures to give domestic workers a weekly day off, while Venezuela and the Philippines adopted broad laws for domestic workers ensuring a minimum wage, paid holidays, and limits to their working hours. Brazil is amending its constitution to state that domestic workers have all the same rights as other workers. Bahrain codified access to mediation of labor disputes.

Read more: Convicted killer beheaded, put on display in Saudi Arabia

Perhaps most significantly, eight countries acted in 2012 to ratify -- and therefore be legally bound by -- the Domestic Workers Convention, with more poised to follow suit this year. The convention is a groundbreaking treaty adopted in 2011 to guarantee domestic workers the same protections available to other workers, including weekly days off, effective complaints procedures and protection from violence.

The Convention also has specific protections for domestic workers under the age of 18 and provisions for regulating and monitoring recruitment agencies. All governments should ratify the convention.

Many reforms are needed to prevent another tragic case like that of Rizana Nafeek. The obvious one is for Saudi Arabia to stop its use of the death penalty and end its outlier status as one of only three countries worldwide to execute people for crimes committed while a child.

Labor reforms are also critically important. They may have prevented the recruitment of a 17 year old for migration abroad in the first place. And they can protect millions of other domestic workers who labor with precariously few guarantees for their safety and rights.

Read more: Malala, others on front lines in fight for women

The opinions expressed in this commentary are solely those of Jo Becker.

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