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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.
Last night in his victory speech in Chicago, President Obama laid out a guiding principle for his next four years: “I believe we can build on the progress we’ve made and continue to fight for new jobs and new opportunity and new security for the middle class. I believe we can keep the promise of our founder: The idea that if you’re willing to work hard, it doesn’t matter who you are or where you come from.”
So what’s next for the economy?
While the results maintain the status quo, Julia Coronado, chief economist with BNP Paribas, says the election itself may shake up budget and tax negotiations: “Neither the president nor the Tea Party can claim to have a mandate anymore. This is an almost perfectly divided electorate. This is an electorate that’s asking for compromise.”
Coronado believes legislators will reach a deal before year-end to avoid the so-called fiscal-cliff.
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