Merchandise showing President Barack Obama are displayed for sale during an election party at a bar on November 7, 2012.
Merchandise showing President Barack Obama are displayed for sale during an election party at a bar on November 7, 2012. - 
Listen To The Story
Marketplace

With the election now in the rear view mirror, a sense of certainty has settled over the political landscape: President Obama will spend four more years in the White House, the Democrats keep their majority in the Senate, and the House remains under Republican control.

So what's next for the economy?

Though it seems like not much has changed, Chris Low, chief economist with FTN Financial, says last night legislators recieved "the stamp of approval of the voters" and will come back energized for the next term.

Last night in his victory speech in Chicago, President Obama laid out a basic agenda for his next four years: "You elected us to focus on your jobs... I am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together: Reducing our deficit, reforming our tax code, fixing our immigration system, freeing ourselves from foreign oil."

First up will be negotiations over automatic spending cuts and tax increases. Low predicts Democrats and Republicans will come together and strike a "grand bargain" to avoid the so-called "fiscal cliff". Yet, with an Obama victory, Low says some taxes are likely to go up.

 

“I think the best compliment I can give is not to say how much your programs have taught me (a ton), but how much Marketplace has motivated me to go out and teach myself.” – Michael in Arlington, VA

As a nonprofit news organization, what matters to us is the same thing that matters to you: being a source for trustworthy, independent news that makes people smarter about business and the economy. So if Marketplace has helped you understand the economy better, make more informed financial decisions or just encouraged you to think differently, we’re asking you to give a little something back.

Become a Marketplace Investor today – in whatever amount is right for you – and keep public service journalism strong. We’re grateful for your support.

Follow Jeremy Hobson at @jeremyhobson