In keeping with tradition, the president called congressional leaders Wednesday, reiterating his “commitment to finding bipartisan solutions,” according to a statement from the White House.
Congress
The balance of power remains the same in Congress following the elections, with Republicans holding the majority in the House and Democrats in the Senate.
Congress’s approval ratings reached the lowest point in 38 years in August, with only 1 out of 10 Americans giving a positive job-approval rating, according to Gallup. It appears that some congressional members may have heard from their communities on the need to work together.
Senate Majority Leader Harry Reid (D-Nev.) said that it is time to put politics aside.
“We have big challenges facing us in the months ahead. Democrats and Republicans must come together, and show that we are up to the challenge,” he said in an official statement Wednesday.
Responding to President Obama’s call, Speaker of the House John Boehner told reporters that Republicans were “ready to work with” the president.
“If there is a mandate in yesterday’s results, it is a mandate for us to find a way to work together on solutions to the challenges we face together as a nation,” said Boehner, speaking on the need to avert the fiscal cliff, grow the economy, create jobs, and solve the debt.
Boehner also said that the House would look for ways to raise revenues, but maintained the Republican pledge not to raise taxes.
“With this vote, the American people have also made clear that there is no mandate for raising tax rates,” Boehner said.
Important Legislation
There is important legislation awaiting decision in Congress, particularly a transportation bill, a farm bill, and the re-authorization of a number of federal agencies, according to Hudak, but the fiscal cliff is the most urgent.
Hudak believes that congress members will be keen to resolve the fiscal cliff issue, but warns that it could easily unravel. He suggests starting small and working up to the more contentious issues, like tax increases and nondiscretionary spending.
“They need to map out that timeline, and in that discussion they can’t discuss the particulars and the details because if they get into that, it is going to blow up,” he said.
U.S. stocks fell sharply Wednesday over concerns that Congress would return to its gridlock and the fiscal situation would remain unresolved. Stocks bounced back Thursday, however, on news of a rise in U.S. exports, Reuters reported.
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