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Back to Work, Looming Fiscal Crisis Greets Obama

By Calmes & Baker, New York Times - November 8, 2012

Newly re-elected, President Obama moved quickly on Wednesday to open negotiations with Congressional Republican leaders over the main unfinished business of his term — a major deficit-reduction deal to avert a looming fiscal crisis — as he began preparing for a second term that will include significant cabinet changes.

Mr. Obama, while still at home in Chicago at midday, called Speaker John A. Boehner in what was described as a brief and cordial exchange on the need to reach some budget compromise in the lame-duck session of Congress starting next week. Later at the Capitol, Mr. Boehner publicly responded before assembled reporters with his most explicit and conciliatory offer to date on Republicans’ willingness to raise tax revenues, but not top rates, together with a spending cut package.

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