setTimeout issues on Node v0.10.30

hang.js

var counter = 0;

function queueNext() {
  if (++counter === 100) {
    return;
  }
  console.log(counter);
  setTimeout(function() {
    queueNext();
  }, 12.34);
}

queueNext();

too_early.js

var startTime = process.hrtime();
var sleepMs = 100;  // milliseconds

setTimeout(function() {
  var diff = process.hrtime(startTime);
  var elapsedMs = diff[0] * 1000 + diff[1] / 1000000;
  console.log('expected=' + sleepMs + 'ms, got=' + elapsedMs + 'ms');
}, sleepMs);

$ node -v
v0.10.30
$ node too_early.js
expected=100ms, got=56.605771ms
$ node hang.js
1
2
3
4
5
(hangs forever)