A day later, Obama savors victory, but challenges lie ahead
President Obama is savoring his re-election victory, but the celebration won't last long. He's confronting major problems, including financial issues that experts fear could tumble the country into another deep recession. YNN's Josh Robin filed the following report.
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The First Family smiled through the Chicago grey, with Sasha Obama edging her father in a race to Air Force One.
The president is trying to ooze optimism, but he's facing significant problems, even before his second term starts on Jan. 21: the Iranian nuclear program, recovery from Superstorm Sandy, and a so-called fiscal cliff taking effect at year's end. It's uncertainty that's seen as behind Wednesday's Wall Street sell-off.
Unless Congress acts, in mere weeks, there will be a sharp rise in taxes and a major drop in government spending, and both parties are still divided over the pivotal issue of raising taxes.
"People making all this money have to contribute a little bit more," said Senate Majority Leader Harry Reid.
"I can tell you that raising the small business taxes means they don't grow," said House Speaker John Boehner.
After tangling with Obama for years, Boehner is sounding more conciliatory, dangling the vague idea of new "revenues."
"We want you to succeed," Boehner said. "Let's challenge ourselves to finding the common ground that has eluded us. Let's rise above the disfunctions and do the right thing together for our country."
The election has Republicans maintaining a slightly-smaller majority in the House, but the president finds broad support across the country. Despite high unemployment, he likely won every state he did in 2008, with the exception of Indiana and North Carolina. Final results from Florida are still not in.
Meanwhile, as Mitt Romney left his Boston hotel to return to private life, his party is about to undergo a very public reckoning.
The sour economy wasn't enough for Romney to win. People are disparaging the GOP as the party of old white men, unable to draw enough support from women, young people, Latinos, Asian-Americans and African-Americans.
"We all thought that we understood the historical pattern and the fact that with this level of unemployment, with this level of gasoline prices, what would happen," said former presidential candidate Newt Gingrich.
By now, we all know what did happen: President Obama is in Washington for four more years.