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| Barack Obama heads to White House as fiscal cliff looms | Barack Obama heads to White House as fiscal cliff looms |
| (about 5 hours later) | |
| Barack Obama has returned to Washington focused on broaching an impasse with Republicans over the deficit reduction deal needed to avoid a fiscal crisis. | |
| The newly reelected US president faces a fiscal "cliff" of spending cuts and tax rises unless agreement is reached. | |
| The Republicans retained control of the House of Representatives on Tuesday, but failed to take the Senate. | The Republicans retained control of the House of Representatives on Tuesday, but failed to take the Senate. |
| House Speaker John Boehner hinted at the possibility of a compromise if the president agreed to tax reform. | |
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| Mr Boehner, who negotiated with Mr Obama over a so-called "grand bargain" of spending cuts and new revenues in 2011, said he would accept new revenue-raising as part of a tax reform deal. | Mr Boehner, who negotiated with Mr Obama over a so-called "grand bargain" of spending cuts and new revenues in 2011, said he would accept new revenue-raising as part of a tax reform deal. |
| Even before he flew with his family from their Chicago base to Andrews Air Force Base in Washington on Wednesday evening, Mr Obama had phoned the speaker to emphasise the need to reach a budget compromise when Congress returns next week. | |
| Time is tight: Bush-era tax cuts are due to expire at the end of 2012, and automatic, mandatory across-the-board cuts to military and domestic spending are also in the pipeline unless a deal can be reached. | Time is tight: Bush-era tax cuts are due to expire at the end of 2012, and automatic, mandatory across-the-board cuts to military and domestic spending are also in the pipeline unless a deal can be reached. |
| Economists say the overall effect of failing to reach a compromise could tip the US into recession. | |
| Pledge for bipartisanship | Pledge for bipartisanship |
| In his first public remarks since the election, Mr Boehner said Republicans in the House of Representatives stood ready to work with the president on avoiding the fiscal cliff. | In his first public remarks since the election, Mr Boehner said Republicans in the House of Representatives stood ready to work with the president on avoiding the fiscal cliff. |
| He said Republicans - previously strongly opposed to any new tax-related revenue - would be willing to compromise as long as the tax code was reformed and accompanied by changes to benefit programmes. | He said Republicans - previously strongly opposed to any new tax-related revenue - would be willing to compromise as long as the tax code was reformed and accompanied by changes to benefit programmes. |
| "Mr President, this is your moment. We're ready to be led, not as Democrats or Republicans, but as Americans," Mr Boehner said. "We want you to succeed." | "Mr President, this is your moment. We're ready to be led, not as Democrats or Republicans, but as Americans," Mr Boehner said. "We want you to succeed." |
| Mr Obama's prospects for his second term will hinge on the his relationship with Mr Boehner and congressional Republicans. | Mr Obama's prospects for his second term will hinge on the his relationship with Mr Boehner and congressional Republicans. |
| Vice-President Joe Biden told reporters aboard Air Force Two that there was much work to be done. | Vice-President Joe Biden told reporters aboard Air Force Two that there was much work to be done. |
| "We're really anxious to get moving on, first of all, dealing with the first things first, this fiscal cliff. I think we can do it," Mr Biden said. | "We're really anxious to get moving on, first of all, dealing with the first things first, this fiscal cliff. I think we can do it," Mr Biden said. |
| But he added that negotiations would depend on how co-operative their Republican colleagues were. | But he added that negotiations would depend on how co-operative their Republican colleagues were. |
| Reacting to Mr Obama's win, Mitch McConnell, the Republican minority leader in the Senate, said voters had not endorsed "the failures or excesses of the president's first term", but had given him "more time to finish the job" by working with Congress. | Reacting to Mr Obama's win, Mitch McConnell, the Republican minority leader in the Senate, said voters had not endorsed "the failures or excesses of the president's first term", but had given him "more time to finish the job" by working with Congress. |
| In the president's acceptance speech at his campaign headquarters in Chicago on Tuesday night, Mr Obama also pledged to consult his campaign rival Mitt Romney and explore ways to work together. | In the president's acceptance speech at his campaign headquarters in Chicago on Tuesday night, Mr Obama also pledged to consult his campaign rival Mitt Romney and explore ways to work together. |
| When the Republican conceded defeat with a brief speech shortly after midnight on Wednesday in Boston, Mr Romney urged both parties to "put the people before politics". | When the Republican conceded defeat with a brief speech shortly after midnight on Wednesday in Boston, Mr Romney urged both parties to "put the people before politics". |
| In the state-by-state election battle, Mr Obama has so far won 303 electoral college votes to Mr Romney's 206 (with 270 required for victory). | |
| In Florida, a state with 29 electoral votes, absentee ballots are still being counted and the race remains too close to call. | |
| Steering recovery | Steering recovery |
| The fragile economy was rated the top issue by about six out of 10 voters in Tuesday's exit polls. But most of them blamed former President George W Bush for the downturn. | The fragile economy was rated the top issue by about six out of 10 voters in Tuesday's exit polls. But most of them blamed former President George W Bush for the downturn. |
303 Barack Obama -33 electoral votes needed for Democrat win 206 Mitt Romney 64 electoral votes needed for Republican win
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| Economists warn that if the fiscal cliff takes effect in January, it could reduce GDP by enough to put the US back in recession in the first half of 2013. | Economists warn that if the fiscal cliff takes effect in January, it could reduce GDP by enough to put the US back in recession in the first half of 2013. |
| Mr Obama was re-elected with the highest unemployment rate - at 7.9% - for any incumbent president since the US wartime leader Franklin Roosevelt. | Mr Obama was re-elected with the highest unemployment rate - at 7.9% - for any incumbent president since the US wartime leader Franklin Roosevelt. |
| Preliminary figures suggest fewer people voted than four years ago. | Preliminary figures suggest fewer people voted than four years ago. |
| With most ballots tallied, more than 117 million people participated, compared to record-breaking figures of 131 million four years ago. | With most ballots tallied, more than 117 million people participated, compared to record-breaking figures of 131 million four years ago. |
| Turnout was down sharply in some states, including Texas, as well as states on the US East Coast that were hit hard by superstorm Sandy. | Turnout was down sharply in some states, including Texas, as well as states on the US East Coast that were hit hard by superstorm Sandy. |
| In addition to the presidential and congressional races, Americans voted on a number of state-wide legal issues. | In addition to the presidential and congressional races, Americans voted on a number of state-wide legal issues. |
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