Barack Obama wins re-election

President Barack Obama has been re-elected president of the United States. Now, he is going to serve out four more years as a series of postponed crises and problems come due in his second term.
Republican leaders have said they will not back down on the budget-cutting, government-shrinking goals that they promised voters. The GOP was able to maintain control of the House of Representatives, but failed to secure the Senate.
The first thing on Obama’s to-do list is the “fiscal cliff,” a series of postponed decisions that are coming due in January, when federal income and investment taxes are scheduled to rise and spending is scheduled to slow.

If left unaddressed, that will likely act as a one-two punch to a stalled economy, further boosting unemployment and further endangering a recovery.
Obama’s much-touted solution is to raise some taxes on the wealthy and on businesses, and also to maintain spending on social programs.
But the Republican House majority was elected on a no-tax-hike pledge, and includes a larger contingent of small-government advocates than before.
Obama tried to negotiate a budget deal in 2011, but failed when he demanded too much taxes.
Also, Obama’s regulators have stored up a wave of new regulations that will likely wrap employers in a tangle of expensive health care and environmental rules. Those regulations will provide employment for Obama’s allies in unions and government, but could suck up companies’ spare cash that could otherwise go to job-boosting investment.

Read more: http://dailycaller.com/2012/11/06/barack-obama-wins-re-election/#ixzz2BWvo2mjw