Obama, Congress look toward 'fiscal cliff'
Posted: November 7, 2012 at 12:16 p.m.
WASHINGTON President Barack Obama faces a new urgent task now that he has a second term, working with a status-quo Congress to address an impending financial crisis that economists say could send the country back into recession.
The same voters who gave Obama four more years in office also elected a divided Congress, sticking with the dynamic that has made it so hard for the president to advance his agenda. Democrats retained control of the Senate; Republicans kept their House majority.
House Speaker John Boehner, R-Ohio, spoke of a dual mandate. “If there is a mandate, it is a mandate for both parties to find common ground and take steps together to help our economy grow and create jobs,” he said.
Even before Obama gets to his second inaugural on Jan. 20, he must deal with the threatened “fiscal cliff.” A combination of automatic tax increases and steep across-the-board spending cuts are set to take effect in January if Washington doesn’t quickly reach a budget deal. Experts have warned that the economy could tip back into recession without an agreement.
Read tomorrow's Arkansas Democrat-Gazette for full details.