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| President Obama thanked his supporters |
Fresh from a decisive re-election win, President Barack
Obama returns from the campaign trail on Wednesday with little time to
savor victory, facing urgent economic challenges, a looming fiscal
showdown and a still-divided Congress able to block his every move.
Obama
defeated Republican challenger Mitt Romney on Tuesday night in a
grueling presidential race and used his acceptance speech in front of a
huge cheering crowd in Chicago to strike a conciliatory note toward his
political opponents.
But in the cold light of the
2012 election's morning-after, it was clear that even though voters have
endorsed a second Obama term, the president will have a hard time
translating that into a mandate to push forward with his agenda.
Americans chose to preserve the status quo of divided
government in Washington. Obama's fellow Democrats retained control of
the Senate and Republicans kept their majority in the House of
Representatives, giving them power to curb the president's legislative
ambitions on everything from taxes to immigration reform.
This
is the political reality that Obama - who won a far narrower victory
over Romney than his historic election as the country's first black
president in 2008 - faces when he returns to Washington later on
Wednesday.
House Speaker John Boehner, R-Ohio, spoke of a dual
mandate. "If there is a mandate, it is a mandate for both parties to
find common ground and take steps together to help our economy grow and
create jobs," he said.
Senate Republican Leader Mitch McConnell of Kentucky had a more harsh assessment.
"The
voters have not endorsed the failures or excesses of the president's
first term," McConnell said. "They have simply given him more time to
finish the job they asked him to do together" with a balanced Congress.
Obama's
more narrow victory was nothing like the jubilant celebration in 2008,
when his hope-and-change election as the nation's first black president
captivated the world. This time, Obama ground it out with a
stay-the-course pitch that essentially boiled down to a plea for more
time to make things right and a hope that Congress will be more
accommodating than in the past.
The most pressing challenges
immediately ahead for the 44th president are all too familiar: an
economy still baby-stepping its way toward full health; 23 million
people out of work or in search of better jobs; civil war in Syria; a
menacing standoff over Iran's nuclear program.
Sharp differences
with Republicans in Congress on taxes, spending, deficit reduction,
immigration and more await. While Republicans control the House,
Democrats have at least 52 votes in the Senate and Republicans 45. One
newly elected independent isn't saying which party he'll side with, and
races in Montana and North Dakota were not yet called.
Votes also were being counted Wednesday in the Montana and Washington gubernatorial races.
Obama's
list of promises to keep includes many holdovers he was unable to
deliver on in his first term, such as rolling back tax cuts for
upper-income people, overhauling immigration policy and reducing federal
deficits. Six in 10 voters said in exit polls that taxes should be
increased, and nearly half of voters said taxes should be increased on
incomes over $250,000, as Obama has called for.
"It's very clear
from the exit polling that a majority of Americans recognize that we
need to share responsibility for reducing the deficit," Maryland Rep.
Chris Van Hollen, the top Democrat on the House Budget Committee, told
CNN. "That means asking higher-income earners to contribute more to
reducing the deficit."
Even before Obama gets to his second
inaugural on Jan. 20, he must deal with the threatened "fiscal cliff." A
combination of a $600 billion package automatic of tax increases and
steep across-the-board spending cuts are set to take effect in January
if Washington doesn't quickly reach a budget deal. Experts have warned
that the economy could tip back into recession without an agreement.
Newly elected Democrats signaled they want compromise the avoid the fiscal cliff.
Sen.-elect
Tim Kaine, a former Virginia governor who defeated Republican George
Allen, said on NBC's "Today" show that voters sent a message they want
"cooperative government." But he also says the election results show
that the public doesn't want "all the levers in one party's hands" on
Capitol Hill.
From Massachusetts, Elizabeth Warren said on "CBS
This Morning" that those who voted for her opponent, Republican Sen.
Scott Brown, expressed a desire for lawmakers to work together. She
says: "I heard that loud and clear."
December surprise?
Investors
have had a tendency to downplay problems emanating from Washington only
to find themselves surprised when lawmakers cannot get together on
critical issues.
The market reacted harshly to Washington gridlock
after failed legislation to backstop the banks in 2008 and again during
protracted talks to raise the U.S. debt ceiling in 2011. Strategists
said a re-elected Obama would be keen to avoid another bruising repeat.