Election provides some stability, but fiscal cliff looms

President Obama laid out some of his plans for where he wants to take the country in the next four years — but with the fiscal cliff looming, those plans can only be so firm.

Can the president work together with Congress to steer clear of the so-called fiscal cliff — avoiding the automatic spending cuts and tax increases set to kick in at the end of the year?

Analysts worry the U.S. risks plunging into recession if a budget deal is not reached.

Chris Low of FTN Financial has one theory of how Congress and the president might work together: “What they have to do, what we’re hoping to see in the next couple of months, is a deal where they agree to do budget reform, they agree to do tax reform, they agree to work on it over the next year, and then they postpone all these [tax] increases that are coming in at the same time.”