Obama Faces ‘Fiscal Cliff’

    WASHINGTON - NOVEMBER 7: Senate Majority Leader Harry Reid (D-NV) speaks at a news conference discussing the election results on Capitol Hill on November 7, 2012 in Washington, DC. Democrats retained control of the Senate, while Republicans will retain control of the House of Representatives. (Photo by Brendan Hoffman/Getty Images)

    Brendan Hoffman / Getty Images

    Hope there’s no hangover from that victory party. Worries of a looming “fiscal cliff” that could affect tax policy already loomed over Washington within 24 hours of President Obama’s victory. The stock market took a nosedive on Wednesday, dropping more than 300 points in the first few hours of trading as investors worried over the looming changes in tax policy. Senate Majority Leader Harry Reid said on Wednesday that he hopes to avoid tax increases except for the very wealthy, while House Speaker John Boehner repeated that he finds any tax increases unacceptable.

    Read it at Reuters