5 things you need to know Wednesday
1. Rockefeller Center Christmas Tree lights up New York
America's Christmas tree is ready to shine. The Norway spruce, coming in at 85 feet tall and weighing nearly 13 tons, is to set New York's Rockefeller Center aglow on Wednesday evening. With 45,000 LED lights and a large Swarovski star on top, the tree lighting is a regular event, featuring performances from Lady Gaga and Tony Bennett, Mariah Carey and Cyndi Lauper, among others.
2. American prisoner marks fifth year in Cuban prison
American contractor Alan Gross has tried a hunger strike to bring attention to his cause, losing five teeth and more than 100 pounds. He's even stopped accepting visits from his wife and daughters. Despite those efforts, Gross remains in a Cuban prison, five years after Cuban authorities detained him in Havana for distributing communications equipment to members of the island's small Jewish community. On Wednesday, his wife, Judy Gross, will make one more plea on the fifth anniversary of his capture.
3. Tax breaks vote could come in Senate
More than five dozen expired tax deductions and credits ("tax extenders") may not be renewed by Congress this year, which could have a huge financial effect on individuals and businesses. The House could vote as early as Wednesday on one-year renewals for those in jeopardy of expiring. What could it affect? Well, it may take $250 out of the pockets of teachers who spend their own money for classroom supplies or mean higher tax bills for companies that spend heavily on research and development if left unrenewed.
4. Debate rages over execution of a mentally ill man convicted of murder
Scott Panetti dressed up as a cowboy and tried to call more than 200 witnesses, including John F. Kennedy, Jesus and the pope throughout his trial for the 1992 murder of his estranged wife's parents. On Wednesday, Panetti, 56, is scheduled to die by lethal injection, joining a global debate over whether people with severe mental illnesses should be put to death for their crimes. Despite appeals from the American Psychiatric Association, the European Union and others, Texas officials plan on carrying out Panetti's execution.
5. Don't know what to do for retirement? You're not alone
A new survey released Wednesday by the American College of Financial Services finds 80% of Americans ages 60 to 75 failed a retirement income literacy test. They were asked 38 retirement literacy questions on basics such as Social Security, life expectancy, IRAs, life insurance and investments, and how bonds work. Only 2 in 10 had passing grades, the college said.
And, the essentials:
Weather: More rain and snow will fall in California and elsewhere in the West on Wednesday, while much of the rest of the nation sees a relatively quiet weather day.
Stocks: U.S. stock futures were flat before the opening bell Wednesday.
TV Tonight: Wondering what to watch tonight? TV critic Robert Bianco looks at Modern Family and Nova's tribute to Neil Armstrong.
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