Today’s News: Cliff’s edge; New Tribune Co.; Bowl basics

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Budget blow. Negotiations in Washington, D.C., over the so-called fiscal cliff have huge implications in California. If lawmakers can’t reach a deal before the clock strikes 2013, Californians – like everyone else – will see their federal income taxes rise. Social security taxes will also go up. The state Legislative Analyst has predicted failure to reach a deal could mean an $11 billion hit to the state budget as consumers pull back on spending. Meanwhile, about 400,000 unemployed Californians will lose their federally-extended benefits. Sacramento Bee

Cut off. L.A.’s top budget analyst says toppling over the fiscal cliff would cost the city an estimated $22 million. Miguel Santana says deep federal budget cuts would mean an 8 to 10 percent reduction in grants for L.A.’s police and fire departments. Santana says the cuts could force the mayor and City Council to lay off workers, rather than dip into the city’s general fund. KCET

Teens attacked. A pair of 13-year-olds stabbed inside a Redondo Beach mall this weekend are in stable condition after undergoing surgery. Their attacker remains at large. The teens, a boy and a girl, told police they were standing outside a movie theater on the third level of the South Bay Galleria when, without warning, a man approached and stabbed each in the chest with a kitchen knife. A security guard discovered the pair and alerted police. L.A. Times

Long slog. After more than four years, Tribune Co. finally gets out of bankruptcy today. Tribune – which owns the L.A. Times, KTLA Channel 5 and other media properties – will be controlled by its major creditors, including L.A.-based Oaktree Capital Management. The reorganized company is expected to sell off some assets. Tribune filed for bankruptcy protection in 2008, less than a year after billionaire developer Sam Zell led a leveraged buyout that left the company with 13 billion dollars in debt. L.A. Times

Games. Rose Bowl officials want fans to arrive early for tomorrow’s game, or, better yet, take public transportation. As usual, major traffic is expected as fans arriving to the game mix with folks leaving the Tournament of Roses Parade. Stadium parking lots will open at 4 a.m. for the contest between Stanford and Wisconsin. Kickoff is at 2:10 p.m. Meanwhile, USC plays the final game of its season later this morning in the Sun Bowl in El Paso, Texas. The 7-5 Trojans are coming off a disappointing season, but they’re still heavily favored over the Georgia Tech Bulldogs. The game starts at 11 a.m. KCBS, ESPN

Reel roll. It’s shaping up to be a year of records in Hollywood. Box-office tracker says North American ticket sales are expected to reach $10.8 billion before the evening is through. That would beat the 2009 record by $200 million. Ticket sales, though not at a record, rose for the first time in three years. 2012 also had the biggest opening weekend ever: “The Avengers” debuted in May with a three-day total of $207 million. The highest grossing films of the year were “The Avengers” ($1.5 billion), “The Dark Knight Rises ($1.08 billion) and the new James bond flick, “Skyfall” ($1 billion and counting). L.A. Daily News