10 things you need to know today: October 2, 2012

Obama and Romney prep for the debate, 36 die in a Hong Kong ferry crash, and more in our roundup of the stories that are making news and driving opinion

The stricken ferry is pulled out of the water near Yung Shue Wan on Lamma Island on Oct. 2 in Hong Kong.
(Image credit: Lam Yik Fei/Getty Images)

1. SENATE TRYING TO AVOID 'FISCAL CLIFF,' TAX HIKE

In hopes of avoiding another debt-ceiling-like showdown, Senate leaders are desperately trying to steer clear of what's being called a "fiscal cliff," a series of steep tax hikes that could increase tax bills by an average of $3,500 per family. Congress and President Obama have until Dec. 31 to make a deal or the Bush-era tax cuts will automatically expire, creating a de facto tax hike. The Senate isn't even close to agreement, and House GOPers are against any type of tax increase. However, a bipartisan group of senators is rallying around a three-step plan to avert the tax increases and deep spending cuts. [New York Times, CBS News]

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