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White House Should Be Ready for a Debt-Limit Deal

Nov. 7 (Bloomberg) -- Barack Obama’s victory last night reflects discipline and foresight on the campaign trail. Now let’s hope that, back in Washington, his staff was exercising similar discipline with regard to the fiscal cliff, the more than $600 billion in tax increases and spending cuts scheduled to take effect at the end of the year.

Obama has an opportunity to make necessity his friend and cut a path-breaking fiscal deal -- but doing so requires him to navigate several major obstacles.