News outlets report that with the election in the rear-view mirror, President Barack Obama and congressional lawmakers must pivot to high-stakes negotiations over expiring income tax rates, massive scheduled cuts to Pentagon spending and entitlement reform. Also on the to-do list: the Medicare doc-fix.
The Washington Post: Fresh From Reelection, President Finds Himself On Edge Of 'Fiscal Cliff'
The president, who won reelection late Tuesday, must now confront the "fiscal cliff," nearly $500 billion in automatic tax hikes and spending cuts set to take effect in January that could throw the nation back into recession. … Obama has threatened to veto legislation to avert the cliff that extends the Bush tax rates for the wealthy. After a campaign focused heavily on that pledge, Democrats say the president is prepared to draw a firm line in the sand, even if it means letting one of the largest tax hikes in U.S. history take effect on Jan. 1 (Montgomery and Goldfarb, 11/6).
Politico: Up Next: The Fiscal Cliff
Obama's convincing reelection, the Republicans' sustained majority in the House and Democrats' hold on the Senate only further complicate the prospects of cutting any kind of deal on expiring income tax rates, massive pending cuts to Pentagon spending and entitlement reform. A clarifying election this was not. Instead, it's the beginning of a stare-down that will almost certainly last months (Sherman and Raju, 11/7).
Kaiser Health News: Federal Deficit Talks Could Impact Obama's Moves On Health Law
President Barack Obama's victory preserves the federal health overhaul that he championed. The law, which withstood a challenge at the Supreme Court last summer and was bitterly assailed by Republicans during the campaign, is slated to move forward with Democratic control of the White House and Senate.
But some analysts predict the mounting pressures to reduce federal spending will complicate efforts to implement the law, known as the Affordable Care Act (Carey, 11/7).