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.