10 things you need to know today: December 1, 2012

All work and no play: President Barack Obama speaks at a toy factory in Pennsylvania on Friday. — (Image credit: Jessica Kourkounis/Getty Images)

1. OBAMA: GOP BLOCKING OF FISCAL DEAL UNACCEPTABLE

On Friday, President Obama accused a "handful of Republicans" in the House of holding up legislation to extend tax cuts for middle class Americans in order to try to preserve the cuts for the wealthy. "It's not acceptable to me and I don't think it's acceptable to you," Obama said during a visit to a toy factory in Pennsylvania. The president has laid out a proposal to address looming budget issues that calls for a $1.6 trillion tax increase over 10 years, $50 billion in new spending in 2013, and a change that would give the White House new power to raise the federal debt limit. But Republicans say the president's offer is a step backward, though they have not detailed their own plan. Speaker John Boehner (R-Ohio) claimed that Obama's proposal is "not serious," leaving the negotiations at a "stalemate." He added, "Let's not kid ourselves. Right now, we're almost nowhere." [Reuters]

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Thousands of supporters of Egypt's Islamist President Mohamed Morsi demonstrated across the country on Saturday, trying to counter protests earlier this week in which hundreds of thousands of people demonstrated their displeasure with Morsi granting himself sweeping new powers. Morsi claims the power-granting decree is only temporary, and is needed to help him usher through a new constitution. The constitution, which limits presidents to two four-year terms in office, strengthens the parliament, and adds limited oversight of Egypt's powerful military, is expected to be put to a vote by the Egyptian people as soon as mid-December. But as protests and violence are becoming increasingly prevalent in Tahrir Square and throughout Cairo, some worry that the constitution won't put an end to the country's troubles. [CBS News]

During the month of October, the jobless rate in the EU reached reached its highest point since the introduction of the euro in 1999, according to a report released Friday. Spain and Greece bore the brunt of the bad news, with both countries' unemployment rates clocking in above 25 percent. But the figures are even worse for young people, who saw their unemployment rate approach a whopping 60 percent. [Associated Press]

Israel has taken steps to build housing in a controversial area of East Jerusalem known as E1, which would connect the large settlement of Maale Adumim to Jerusalem and make it impossible to connect the Palestinian cities of Ramallah and Bethlehem to Palestinian neighborhoods of East Jerusalem. The decision to move forward with the plan came Thursday night as the U.N. General Assembly voted overwhelmingly to upgrade the Palestinians' status to non-member observer state. Israeli Prime Minister Benjamin Netanyahu's office refused to comment on whether the move was punishment for the Palestinians' success in obtaining the new status, but it is widely seen as such. [The New York Times]

Police say that a man used a sharp-edged weapon to kill someone in a Casper, Wyoming, neighborhood on Friday morning before going to a nearby community college and killing a male teacher and himself in front of a group of students. The Casper College campus was locked down for about two hours. Police are still looking for a motive in the disturbing murder-suicide. They have yet to release the names of any people involved. [Associated Press]

Mark and Cindy Hill of Dearborn, Mo., claimed their share of the record $587.5 million Powerball jackpot on Friday at a press conference along with their three sons and daughter. The couple randomly chose numbers through Quick Pick and were one of two big winners in the Wednesday drawing. The other winning jackpot ticket was sold in Arizona, but the buyer has not come forward yet. The Hills won $294 million and will take a lump sum payment, which totals about $192 million before taxes. [USA Today]

An image provided to the U.S. government and foreign governments by a private satellite operator shows increased activity at a North Korean missile launch site, suggesting that Pyongyang is moving forward with a long range ballistic missile test in the next several weeks. The image showed more people, trucks, and other equipment at the site, a level of activity that was consistent with launch preparations seen before North Korea's failed April 13 rocket launch. [Reuters]

Mets third baseman David Wright signed a $138 million, eight-year contract, a person familiar with the negotiations told The Associated Press. The deal, the biggest in the New York franchise's history, replaces Wright's $16 million salary for next season and adds $122 million in new money. Wright, who turns 30 on Dec. 20, is the club's career leader in several major offensive categories, including hits, RBIs, runs, and walks. Wright would have been eligible for free agency after next season. [Associated Press]

Nostalgia-tinged chewing gum company Bazooka Joe is reportedly ditching its signature comic strip, which appeared inside the gum wrapper, as part of its latest advertising makeover. Aside from scrapping the beloved wrapper-comic and replacing it with "brain teasers," Bazooka's original red, white, and blue color scheme will also get a boost with the edition of the colors yellow and pink in a "graffiti-inspired" new logo. [The New York Times]

Now that South Korean rapper Psy's "Gangnam Style" music video is the most watched YouTube clip ever, the Seoul Convention Bureau is attempting to capitalize on its popularity. The tourism organization has produced a video of its own explaining what Gangnam is — an affluent business and shopping district in Seoul — and talking up the city's best attractions. The group is also sponsoring a contest that asks people to write on the bureau's Facebook page what Gangnam means to them to enter for a chance to win a trip to Seoul. [Chicago Tribune]

Samantha Rollins is TheWeek.com's news editor. She has previously worked for The New York Times and TIME and is a graduate of Northwestern University's Medill School of Journalism.