US election analysis: Barack Obama wins but Washington unchanged

Barack Obama

President Barack Obama's victory means his economic vision is still alive and about to drive the political conversation with his adversaries. The legacy of Obama's first term is safe and enshrined to history.

Obama will push for higher taxes on the wealthy as a way to shrink a choking debt and to steer money toward the programs he wants. He will try to land a massive financial deficit-cutting deal with Congress in the coming months and then move on to an immigration overhaul, tax reform and other bipartisan dreams.

He will not have to worry that his health care law will be repealed, or that his Wall Street reforms will be gutted, or that his name will be consigned to the list of one-term presidents who got fired before they could finish.

Yet big honeymoons don't come twice and Republicans won't swoon.

And if Obama cannot end gridlock in Washington, his second term will be reduced to veto threats, empty promises, end runs around Congress and legacy-sealing forays into foreign lands.

Voters decided to put back in place all the political players who have made Washington dysfunctional to the point of nearly sending the United States of America into default for the first time ever.

The president likely will be dealing again with a Republican-run House of Representatives, whose leader, Speaker John Boehner, declared on election night that his party is the one with the mandate: no higher taxes.

Obama will still have his firewall in the Senate, with Democrats likely to hang onto their narrow majority. But they don't have enough seats to keep Republicans from bottling up any major legislation with delaying tactics.

So the burden falls on the president to find compromise, not just demand it from the other side.

For now, he can revel in knowing what he pulled off.

... contd.

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