Reuters - Video

EDITION: U.S. | U.K. | IN

Top News

Short time for Obama to enjoy victory

Wednesday, November 07, 2012 - 02:16

Nov. 07 - With President Barack Obama elected to a second term and Congress still divided focus turns to the budget battle embodied by the fiscal cliff. Conway G. Gittens reports.

▲ Hide Transcript

View Transcript

From the battle for Washington - to the battle in Washington. Attention now turns to the "fiscal cliff", $600 billion in spending cuts and tax hikes forced on an already limping economy, if the Republicans and the Democrats do not find common ground by the December 31st deadline. John Lonski of Moody's Capital Markets is not hopeful. SOUNDBITE: JOHN LONSKI, SENIOR ECONOMIST, MOODY'S CAPITAL MARKETS (ENGLISH) SAYING: "What I am afraid of is that it is going to take a dive, a disruptive dive by equity prices in order to prompt Washington into coming up with a solution that is acceptable both politically and economically." And the two sides seem as far apart as they did before the elections. President Obama keeps the White House, Democrats keep the Senate and Republicans keep the House. House leader John Boehner says he's willing to accept new revenues, but not necessarily through tax hikes. SOUNDBITE: SPEAKER OF THE HOUSE JOHN BOEHNER, REPUBLICAN (ENGLISH) SAYING: "What matters is where the increased revenue comes from and what type of reform comes with it. Does the increased revenue come from government taking a larger share of the American people earn through higher tax rates or does it come as a by-product by growing our economy, energized by a simpler, cleaner, fairer tax code?" Meanwhile, Senate Majority leader Harry Reid seemed to hold his ground for the Democrats. SOUNDBITE: SENATE MAJORITY LEADER HARRY REID, DEMOCRAT (ENGLISH) SAYING: "There was a message sent to us by the American people based on the campaign and that is people with all this money have to contribute a little bit more. And all the exit polling, all the polling we've done, the vast majority of the American people support that, including rich people." But time and patience are running out, Wall Street tumbling over two percent in the biggest fall since the summer. And Main Street is growing weary as well. Washingtonian Anthony Humphries: SOUNDBITE: ANTHONY HUMPHRIES, WASHINGTON RESIDENT (ENGLISH) SAYING: "I think it is time for the people on Capitol Hill to start working together. Stop all the stonewalling and all the, you know, you had the thing you was trying to prevent the second term, okay you didn't, so now it is time to come back. Bring America back together and get us moving forward." In this partisan environment, though, moving forward is easier said than done.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Short time for Obama to enjoy victory

Wednesday, November 07, 2012 - 02:16

Editors' Picks »

Most Popular »

Business »

Moving Pictures »

Images of November Images of November

Tue, 02 Dec, 2014 - (0:30)

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

Images of August Images of August

Fri, 29 Aug, 2014 - (1:00)

Oddly Enough »

Bad bear to attack Santa! Bad bear to attack Santa!

Thu, 18 Dec, 2014 - (0:42)

Navy unveils robot fish Navy unveils robot fish

Thu, 18 Dec, 2014 - (0:42)

French students dig WWI trench to relive warfare French students dig WWI trench to relive...

Wed, 17 Dec, 2014 - (1:16)

Santa abseils down Berlin high-rise Santa abseils down Berlin high-rise

Mon, 15 Dec, 2014 - (1:06)

The Christmas spirit heads underwater The Christmas spirit heads underwater

Thu, 11 Dec, 2014 - (1:01)

Dateline Asia »

North Korea to blame for Sony hack: source North Korea to blame for Sony hack: source

Thu, 18 Dec, 2014 - (1:10)

China's child labor problem China's child labor problem

Thu, 18 Dec, 2014 - (2:19)

Measuring up North Korea's heir Measuring up North Korea's heir

Wed, 17 Dec, 2014 - (1:03)

Russia worries rock emerging markets Russia worries rock emerging markets

Wed, 17 Dec, 2014 - (1:14)

Seoul raises the "nut rage" stakes Seoul raises the "nut rage" stakes

Tue, 16 Dec, 2014 - (1:03)

Sydney in shock after hostage horror Sydney in shock after hostage horror

Tue, 16 Dec, 2014 - (1:07)

Not all merry and bright in China's manufacturing sector Not all merry and bright in China's...

Tue, 16 Dec, 2014 - (1:29)

Beneath the surface of Abe's big win Beneath the surface of Abe's big win

Mon, 15 Dec, 2014 - (1:15)

Some hostages escape from Sydney cafe Some hostages escape from Sydney cafe

Mon, 15 Dec, 2014 - (1:06)

Reuters Investigates »

Where the sea is closing in Where the sea is closing in

Thu, 20 Nov, 2014 - (3:41)

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:22)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)