Looming Challenge: 'Avert the Cliff'
But is anyone willing to compromise?
By Liam Carnahan, Newser Staff
Posted Nov 7, 2012 8:00 AM CST
President Barack Obama pauses as he speaks at the election night party at McCormick Place, Wednesday, Nov. 7, 2012, in Chicago.   (AP Photo/Carolyn Kaster)

(Newser) – Election 2012, check. Next up: the "fiscal cliff." We're fewer than 60 days away from what could be one of the largest tax hikes in US history—as the clock ticks down, will anyone in Washington be willing to compromise? As the Washington Post explains, Democrats may be willing to go over the cliff despite the risks to the economy, because they could then draft their own tax-cut plan ... one that excludes the wealthy. Still, Obama's victory speech made it sound like he'd prefer bipartisanship in his next term.

How about Republicans? House Speaker John Boehner doesn't seem primed to budge. He last night said the fact that Republicans held on to their House majority means "the American people have ... made clear that there is no mandate for raising tax rates." (Though he later tweeted: "If there's a mandate, it's for parties to work together to help our economy grow.") One factor that could change everything, however: volatile markets.

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Nov 7, 2012 5:50 PM CST
Yo Boehner didn't you learn anything from Newt Gingrich v. Bill Clinton?
Nov 7, 2012 3:29 PM CST
As long as the GOP elects John Boehner as speaker of the House, we are going to have grid lock in Washington. Boehner represents the party of NO. All the Tea Party nuts have shanghaied the GOP. Look for the next four years to be a repeat of the last four years. This is sad but true.