Business

Unless Congress passes legislation in a lame-duck session, taxes will be higher by a half-trillion dollars next year, costing the average household nearly $3,500 a year, according to a just-released report by the Urban-Brookings Tax Policy Center.

After studying details of the tax changes now set to take effect for 2013, the researchers were struck by "how big the tax increase is," said Eric Toder, one of those researchers. "It's a huge, huge number."

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STEVE INSKEEP, HOST:

Thousands of people gathered at the New York Hall of Science this weekend for what's called the World Maker Faire. It was the third an annual celebration of 21st century Do-It-Yourself culture, with workshops, speakers and demonstrations.

But, as reporter Stan Alcorn discovered, the main attraction is the makers themselves.

STAN ALCORN, BYLINE: At the center of the World Maker Faire is Katy Perry.

JESSE GREEN: Katy Perry is the unicorn that we made for a friend's wedding.

The World Trade Organization projects that global trade in goods will grow by only 2.5 percent this year. That's down from last year's 5 percent growth, and much lower than the nearly 14 percent in 2010.

The Impossible Project saved Polaroid film before it went off the market. It bought the last remaining factory and restarted production. And a gadget called the Instant Lab prints Polaroids from your iPhone.

This story is part of our occasional series Fiscal Cliff Notes.

If the Bush-era tax cuts are allowed to expire, the majority of Americans will see their taxes rise. Those who will see the largest increase are the wealthy.

Dr. Hamilton Lempert, an emergency room doctor in Cincinnati, works almost exclusively on overnight shifts.

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ROBERT SIEGEL, HOST:

Apple's new mapping software for the iPhone has become an embarrassment for the company. It misplaced major landmarks and erased entire towns. So, today, Apple's CEO Tim Cook issued a public apology, saying the company was doing everything it could to make maps better.

NPR's Steve Henn reports.

After inadvertently airing live coverage of a car chase that ended with a man's suicide, Shepard Smith of Fox News has issued an apology to viewers of his show. The incident occurred as the cable network carried a live feed of a man fleeing police on the interstate west of Phoenix.

In the footage, the man abandoned his vehicle and began running across a field, before pulling out a gun and shooting himself in the head. Despite being filmed from a helicopter hovering above the scene, the footage was graphic enough to prompt immediate yelling in the Fox News studio.

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STEVE INSKEEP, HOST:

NPR's business news begins with more fallout from the financial crisis.

(SOUNDBITE OF MUSIC)

How much of a "public relations disaster" has Apple's new mapping software been?

Big enough that the famously proud company has apologized — and suggested that users can turn to arch rival Google Maps instead.

In a message "to our customers" posted this morning, CEO Tim Cook says:

While denying it did anything wrong, Bank of America announced this morning it will pay "$2.43 billion and institute certain corporate governance policies ... to settle a class action lawsuit brought in 2009 on behalf of investors who purchased or held Bank of America securities at the time the company announced plans to acquire Merrill Lynch."

Americans' personal income grew by just 0.1 percent in August from July and consumer spending would have been basically flat as well if it hadn't been for higher gasoline prices, the Bureau of Economic Analysis reported this morning.

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STEVE INSKEEP, HOST:

European finance ministers have asked Spain if it might need a few bucks to tide it over - in particular, $125 billion to prop up failing banks. The Spanish government is expected to announce today how much of that sum it will need.

Shoring up banks is one step Spain is taking to prevent economic collapse. Another step is to slash more than $50 billion dollars in spending.

Lauren Frayer reports from Madrid on Spain's new budget, unveiled last night.

The report from the National Association of Colleges and Employers says hiring for the upcoming class of graduates will jump 13 percent from a year ago. But the improvement won't get the job market for new grads back to where it was before the recession.