Business

Banks have been under increasing pressure to cut costs and eliminate redundancies. The cuts will eliminate about 4 percent of Citi's workforce.

President Obama is lobbying the CEOs of the nation's largest companies to support him as he tries to reach a budget deal with Republican lawmakers. The president met Wednesday with members of the Business Roundtable. The group urges the extension of Bush-era tax cuts for everyone, including the wealthy.

Transcript

DAVID GREENE, HOST:

And our last word in business today is Trump versus Forbes. The Forbes we're talking about is a Scotsman named Michael Forbes. He has the misfortune of living right next to Donald Trump's new golf course in Scotland. Forbes has refused to sell his property to Trump; and what has ensued is the war of words that you probably would expect between the property magnet, and anyone who gets in his way.

Lots of scams come by phone or by mail, but when the scam artist is right in front of you, researchers say the clues are in the face.

"A smile that is in the mouth but doesn't go up to the eyes, an averted gaze, a backward lean" are some of the ways deception may present itself, says Shelley Taylor, a psychologist at UCLA.

As President Obama and Capitol Hill lawmakers assess the need for spending cuts and tax increases against the risk of triggering a new recession, they might look across the Atlantic for insights from those who have already grappled with those budgetary questions.

The problem of excessive government debt has swamped economies across Europe and forced countries to take severe measures to cut their deficits. The first lesson from their "fiscal consolidation" experiences: It will hurt.

Tax increases are only a part of what lies ahead if Congress can't come to an agreement to avert the fiscal cliff by the new year. Massive spending cuts will also kick in — and those cuts will be felt throughout the economy.

The current stalemate got under way two years ago when Congress, locked in a bitter partisan battle over whether to extend the George W. Bush-era tax cuts, passed what was known as the Budget Control Act of 2011.

It's red alert time for aerospace industry executives, workers and contractors.

As they mingled today at the Aerospace Industries Association's annual Year-End Outlook luncheon at a Washington Grand Hyatt, the bright red electronic digits kept counting down for them.

The dictionary Merriam-Webster has declared an incongruous pair their words of the year: Socialism and capitalism.

"There's no surprise there that politics was in people's minds," the dictionary's Editor-at-large Peter Sokolowski told CBS News when making the announcement.

Sokolowski said that the dictionary, which bases its decision on what people are looking up in their online edition, chose two words for the first time because they trended together.

About 2 million Americans could lose unemployment checks if Congress doesn't extend emergency federal benefits by the end of the year. Host Michel Martin talks about new research challenging conventional wisdom about unemployment checks. Guests include James Sherk of the Heritage Foundation and Judy Conti of the National Employment Law Project.

Saying it needs to "further reduce expenses and improve efficiency across the company," Citigroup announced today that it is eliminating about 11,000 jobs — 4 percent of its global workforce.

The banking giant also said it is expects to take "pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013."

There were 118,000 jobs added to private employers' payrolls in November, according to the latest ADP National Employment Report.

That's slower growth than in October, when ADP's employment measure grew by 157,000 jobs.

A week-old strike that "crippled the ports of Los Angeles and Long Beach" and kept about $1 billion worth of goods a day from arriving on shore is set to end today.

"We've got a deal and people are going back to work," Los Angeles Mayor Antonio Villaraigosa announced late last night, as our colleagues at Southern California Public Radio report.