Driving the Day: 11/27/12

Nov 27, 2012

Need to know…

  • Small, Large Business Shares Voice on Fiscal Cliff. A group of small business owners will meet with White House economic aides this afternoon to discuss the fiscal cliff and the economy. It is still unclear if President Obama will attend the session, but the Administration came under fire from small business groups after his meeting two weeks ago with CEOs of large corporations. On Wednesday, House GOP leaders will meet with the CEOs of several major U.S. companies, as Congress begins to dig in on negotiations about the fiscal cliff. The CEOs are part of the group called the Campaign to Fix the Debt. The meeting comes as GOP leaders hope to shift the discussion from how to increase taxes — which has been Democrats’ focus — to where to cut spending and change entitlement programs such as Medicare and Medicaid.
  • Cyber Monday Sting Shuts Down 101 Fake Goods Sites. The U.S. Immigration and Customs Enforcement announced the seizure of 101 websites in the United States on Monday as part of a crackdown on counterfeit goods sold online. This initiative focused on stopping sellers of counterfeit trademark goods by seizing their Internet domain names, as opposed to past efforts that focused on illegal streaming or downloads. This is the third year in a row that ICE has tackled online infringement by targeting sites on Cyber Monday.
  • Supporters Spend $5.5 Billion on Small Business Saturday. A new survey from the National Federation of Independent Business and American Express shows that almost 10% of weekend sales were Small Business Saturday-related, or $5.5 billion of the $59.1 billion total reported by the National Retail Federation. The small business figure only reflects how much shoppers who were aware of Small Business Saturday spent, and not how much was actually spent on November 24.
  • Congress Approval Stuck in Long-Term Low Streak. Congress Gallup reported that Americans' approval of the job Congress is doing fell to 18% in November, after an October spike to 21%. While improved over the record-low 10% readings from earlier this year, approval remains low from a long-term perspective. Public approval has not reached 25% since December 2009, and has typically been below 20%, averaging just 17% since January 2010. That compares with an average 34% approval rating for Congress across Gallup’s full trend, starting 1974.

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