Need to know…

• GOP Leaders Reveal Deficit Plan; White House Responds. Amid political pressure to do so, GOP leaders yesterday countered President Obama’s proposal with a $2.2 trillion deficit-cutting plan that would trim Medicare and Social Security and cap tax deductions for top earners. The GOP plan is far heavier on spending cuts but embraces $800 billion in new taxes over the next 10 years. It would reduce entitlement program costs by at least $900 billion, including raising the Medicare eligibility age, and cut $300 billion in discretionary spending. The White House blasted the counteroffer as failing to “meet the test of balance.”  The White House said the offer “includes nothing new” and was not serious. It also faulted the proposal for lowering tax rates on the wealthy.

• Meanwhile, State Governors Set to Meet with Obama, Boehner on Fiscal Cliff. Less then a month away from the onset of the fiscal cliff, a bipartisan group of governors is set to meet today with President Obama and congressional leaders in search of answers about the impact of deficit reduction measures on their state budgets. Federal grants to the states comprise about a third of state revenues in the United States. Cutbacks in federal contracting will also reduce employment levels regionally, with the heaviest impact expected in areas with large numbers of defense contractors.

• More than Half of Dodd-Frank Requirement Deadlines Missed to Date. Davis Polk’s December 2012 Dodd-Frank Progress Report says that as of yesterday, of the 237 Dodd-Frank rulemaking requirement deadlines that have passed, 144 (61%) have been missed and 93 (39%) have been met with finalized rules.

• U.S. Transport Companies Capitalize on Booming Trade with Mexico. U.S. rail and trucking companies are making big investments on both sides of the border with Mexico to capitalize on the booming trade between the two countries. The fourth-largest U.S. public railroad is leading the charge to take advantage of the swelling freight between the countries as manufacturing booms in Mexico, partly due to the rising costs of goods from China.

Worth the read…

• Alan Simpson Paints Dire Market Outlook – Fortune
• Robin Chase: Zipcar’s Founder Shifts to a New Gear – CNNMoney
• Why Training Workers Costs More Than You Think – The New York Times
• To Improve Startup Odds, Say Yes to College – Businessweek
• Create Engaging Content for Any Industry, Even “Boring” Ones – Content Marketing Institute
• The UN Meets Net Regulation: Not a Cabal, But Not Harmless – Businessweek
• Entrepreneurs: Here’s the Secret to Retaining Your Most Talented Employees – Washington Post
• Greece Set to Unveil Terms of Crucial Bond Buy Back – Fox Business
• Small Businesses Wish Big for the Holidays [Infographic] – Intuit Small Business Blog