November 8th, 2012
08:09 PM ET

As winners celebrate and losers figure out what went wrong, the fiscal cliff looms large

OutFront tonight - nothing has changed.

After six-billion dollars spent on the election, hundreds of thousands of miles traveled by the candidates and all who come with them, and millions of pizzas consumed by hardworking campaign volunteers - we are right back where we started: on the edge of a fiscal cliff.

President Obama and House Speaker John Boehner haven't budged a millimeter. Yesterday we heard a lot of talk of olive branches and reaching across the aisle. But this evening, Speaker Boehner told ABC News that raising taxes is "unacceptable" and claimed that any such bill might not even pass the Democratically-controlled Senate.

Of course, the White House has vowed to veto any bill that doesn't end Bush tax cuts for families making $250,000 or more a year. In other words, raise taxes. So how did the President respond to Boehner's line in the sand?

Well, we haven't heard from him since he returned to Washington yesterday. But we have heard from the White House that the President believes he has laid out his plan, one he says would cut the deficit by $4 trillion over the next ten years.

But it's also a plan - we've told you before - that doesn't add up. So something has to give, and someone needs to take the helm. Last night here on OutFront, we tried to find out from Rep. Chris Van Hollen what exactly the president's role would be in negotiations on the fiscal cliff, but all he would say is that the President will be "directly involved."

But how will the president be involved? And when will anything get done? Americans are running out of patience.

And it doesn't look like business has the patience either. American Express wrote in its latest quarterly report that "in the absence of legislative action, there continues to be growing concerns about the potential impact of the 'fiscal cliff' arising from scheduled federal spending cuts and tax increases set for the end of 2012."

A whole lot of other businesses have expressed similar concerns lately too.

But here's one thing we do know: Washington had better hurry up. In just nine days, President Obama heads overseas to Asia - with stops in Thailand; Myanmar – also known as Burma – and Cambodia.


Filed under: 2012 Election • Deconstruct • Deficit • Economy • Fiscal Cliff • Politics
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