10 things you need to know today: March 5, 2013

The U.S. and China agree on North Korean sanctions, Chavez's health worsens, and more in our roundup of the stories that are making news and driving opinion

Venezuelan President Hugo Chavez attends the Venice Film Festival in 2009.
(Image credit: Dan Kitwood/Getty Images)

1. U.S. AND CHINA REACH DEAL ON NORTH KOREAn SANCTIONS

The United Nations Security Council is scheduled to hold closed-door meetings on North Korea, after the U.S. and China reportedly reached a tentative agreement on sanctions to punish Pyongyang for a February nuclear test. U.N. diplomats, speaking anonymously, said they hoped to get their first look at the draft resolution within hours. After North Korea's first two nuclear tests, in 2006 and 2009, the U.N. tightened inspections and seizures of banned items bound for the communist nation. China hasn't confirmed a deal, but says any response to the latest test must be "prudent and moderate" to prevent tensions from escalating. North Korea says it will cancel its 1953 cease-fire with South Korea if the new sanctions are approved. [Reuters, CBS]

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.