Fiscal Cliff Looms In Washington After Election - FOX 29 News Philadelphia | WTXF-TV

Fiscal Cliff Looms In Washington After Election

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The president has won another four years, but is there a new mandate?

House Republicans also won on Tuesday. So, with the so-called fiscal cliff rapidly approaching, the fundamentals haven't really changed.

President Barack Obama returned to the White House on Wednesday, with the first family about to settle in for another term.

But there won't be much time to celebrate. The fiscal cliff is rapidly approaching just down the street at the Capitol, and the government could start hemorrhaging cash at the end of the year.

After Tuesday, does the president really have a mandate now to raise taxes on the wealthy – something he has pushed for years?

Republicans point to the impact higher taxes will have on hiring with the unemployment rate still almost 8 percent.

But House Speaker John Boehner is showing a willingness to, in the parlance of Washington, raise revenue if it involves simplifying the tax system, not just raising rates.

There was something of a warning shot Wednesday from the markets, which fell in a big way, by more than 300 points.

FOX's Doug Luzader has the story Thursday morning from Washington.

 

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