by Reyna Perez
The voters of America decided they still want Obama in office. Winning 50 percent of the popular vote and 332 electoral votes, Obama’s time as president was extended for four more years. Republican presidential challenger, Mitt Romney, received 47 percent of the popular vote and 206 electoral votes. To win the presidential election, a candidate must win at least 270 electoral votes.
While Democrats dominate the Senate, the House of Representatives maintain a Republican majority. This is a problem because the delegates in Congress do not agree. For a bill to be passed there has to be a two-thirds majority, but lately that has not been happening. There usually is superiority, but not the required amount.
If the opposing sides in the House continue to disagree on new tax plans (the Bush Administration’s tax cuts expire Jan. 1), the U.S. will face a “fiscal cliff.” There will be $200 billion cut in spending for government subsidies and a $400 billion rise in taxes for everyone. These consequences could be avoided if Obama were to reach an agreement with his Republican opponents in Congress about the tax plans.
“If no deal is made, economic growth will slow down a lot and unemployment will increase a lot,” wrote journalist Kevin Drum. “Therefore, a deal will probably be made. On taxes, everyone wants to extend the Bush tax cuts for the middle class, and the only question is how long Republicans will refuse to extend them unless the Bush tax cuts for the rich are also extended. Probably not too long.” The wealthy wants to keep their current tax cuts.
If, by Jan. 1, there is no agreement, the U.S. could face another recession, jeopardizing the continuing slow recovery from the 2007 recession.