Obama's victory: A road to compromise or gridlock?

Republican presidential candidate Mitt Romney arrives on stage on election night November 7, 2012 in Boston, Massachusetts, moments before conceding defeat to President Barack Obama.

Both Governor Mitt Romney and President Obama ended their campaigns with calls for bipartisanship.

But John Cochrane, a Romney adviser and professor of finance at the Booth School of Business, thinks the country is in store for more Washington gridlock: "The situation we have now is a democratic president who thinks the Congress is a bunch of Neanderthals. We have a republican Congress who thinks the president is a socialist... They are going to be fighting it out for four years."

Jared Bernstein, former chief economist for Vice President Biden who is now a senior fellow at Center on Budget and Policy Priorities, is more optimistic a deal can be reached: "Look these guys agree on 98 percent of the tax changes that should occur -- if they can figure out a way to compromise, a lot of other stuff falls into place."

About the author

Jeff Horwich is the interim host of Marketplace Morning Report and a sometime-Marketplace reporter.

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