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Economy
4:50 am
Wed November 7, 2012

Economy Looms Large Over Obama's 2nd Term

Originally published on Wed November 7, 2012 9:31 am

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with a dive on Wall Street. Just this minute, the Dow Jones Industrial Average is down about 317 points. It's considered the worst drop of the year, so far. We're a little bit before noon in New York City. What's going on? We're going to try to find out. We're joined now by DavidWessel, economics editor of The Wall Street Journal. And David, as best you can determine, what's driving the drop?

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It's All Politics
4:22 am
Wed November 7, 2012

After Election, Congress Turns To 'Fiscal Cliff,' Other Money Issues

If Congress fails to address the alternative minimum tax, millions of households could see their federal 2012 tax bills jump.
iStockphoto.com

Originally published on Wed November 7, 2012 9:40 pm

For months, Americans have been watching the presidential political drama play out nightly on the news. Now, with President Obama's victory, that story is ending.

But for the economy, an action thriller is just beginning.

Congress has just weeks to jump to the rescue of an economy moving closer and closer to the so-called fiscal cliff. That phrase refers to a $600 billion cluster of automatic spending cuts and tax hikes — all coming together at year's end.

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It's All Politics
4:21 am
Wed November 7, 2012

For Obama, Vindication, But Not A Mandate

Obama has become only the third U.S. president to win re-election by a narrower margin than his first victory. Having won a second term, Obama will seek to set the nation's agenda on issues ranging from taxes to immigration, but he may continue to struggle in selling his ideas to Congress.
Robyn Beck AFP/Getty Images

Originally published on Wed November 7, 2012 4:37 pm

  • Special Coverage: Hour 1
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Winning matters. Having earned a second term, President Obama will attempt to build on and expand the agenda from his first, launching new initiatives on tax policy, education and immigration.

But having won the popular vote by a bare majority — and still facing a divided Congress — Obama may find it difficult to gather momentum for his policies.

Despite the close result in the popular vote nationwide, Obama wasted no time claiming vindication for his ideas. In his victory speech early Wednesday in Chicago, he tied his re-election to two centuries of American progress.

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It's All Politics
4:20 am
Wed November 7, 2012

Republican Response Likely To Be Tactical, Not Transformative

Mitt Romney concedes the presidency early Wednesday in Boston.
Joe Raedle Getty Images

Originally published on Wed November 7, 2012 4:41 am

With President Obama's defeat of Mitt Romney, the Republican Party finds itself in the same place it was four years ago — once again coming up short in its attempt to win the most powerful office in American democracy.

It faces the inevitable soul-searching the losing party undergoes, to greater or lesser degrees, after every contest for the one office whose occupant represents the entire nation.

And how the GOP reacts could help determine its fortunes in 2016.

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Election 2012
4:10 am
Wed November 7, 2012

Media Circus: Fox Struggles With Obama's Win

Click here to watch the interview." href="/post/media-circus-fox-struggles-obamas-win" class="noexit lightbox">
Fox News anchor Megyn Kelly walked down the hallway to ask the Fox decision team to explain the reasoning behind its Ohio call, which contradicted Rove's analysis. Click here to watch the interview.
Fox News

Originally published on Wed November 7, 2012 2:10 pm

Imagine a ballot Tuesday that confronted you not with a choice between candidates named OBAMA and ROMNEY, but that looked more like this:

How much do you support the REPUBLICAN?

Pick only one.

Utterly _____

More than that ____

For much of Election Day, that was what viewers encountered in watching Fox News' coverage. President Obama was, in the words of Fox & Friends co-host Steve Doocy at the outset of the day, a guy who "promised hope and change — a lot of stuff — and he didn't deliver."

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It's All Politics
3:31 am
Wed November 7, 2012

How Third-Party Candidates Fared

Independent Angus King celebrates under a splash of champagne in Freeport, Maine, on Tuesday after winning the Senate seat vacated by Republican Olympia Snowe.
Robert F. Bukaty AP

In a highly polarized electorate, there's not a lot of room for third-party candidates to make a strong showing. Still, minor parties did see some bright spots on Tuesday.

Maine elected an independent to the Senate, former Gov. Angus King, while Vermont re-elected its independent senator, Bernard Sanders.

Both those victories may have been "idiosyncratic," says Cary Covington, a University of Iowa political scientist, having more to do with the personal popularity of the candidates than pointing to any wider desire for independent candidates.

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It's All Politics
3:27 am
Wed November 7, 2012

Gubernatorial Battles: Republican Takes N.C., Democrat Wins N.H.

New Hampshire Gov.-elect Maggie Hassan speaks to supporters Tuesday in Manchester, N.H., after defeating Republican Ovide Lamontagne to keep the governor's seat in Democratic control.
Jim Cole AP

Voters in North Carolina put a Republican in their governor's office for the first time in two decades, and New Hampshire elected a new female Democratic governor.

But the closely watched tossup races in Montana and Washington, where Democrats currently serve as governors, remained too close to call late Tuesday.

Eight of the gubernatorial seats up for grabs are now held by Democrats; three are in Republican hands. Republicans currently hold 29 governorships, Democrats have 20, and Rhode Island Gov. Lincoln Chafee is an independent.

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It's All Politics
2:48 am
Wed November 7, 2012

Scenes Of Celebration At The White House

The scene outside the White House Wednesday after President Obama's re-election.
Mladen Antonov AFP/ Getty Images

Originally published on Wed November 7, 2012 5:15 am

Supporters of President Obama partied outside the White House on Wednesday morning, chanting "Four More Years!" and "U-S-A!" — and singing off-tune renditions of The Star-Spangled Banner.

"I knew I'd be coming here. I just didn't know whether I'd be coming to protest or to celebrate," said AnaLysa Sawyers, 38, a teacher from Maryland.

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Election 2012
1:21 am
Wed November 7, 2012

Transcript: President Obama's Victory Speech

President Obama speaks at his election night party Wednesday in Chicago after defeating Republican challenger Mitt Romney.
M. Spencer Green AP

Originally published on Wed November 7, 2012 2:35 pm

Transcript of President Obama's victory speech in Chicago. Source: Federal News Service

Editor's Note: NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future.

(Cheers, applause.)

AUDIENCE MEMBERS: (Chanting.) Four more years! Four more years! Four more years! Four more years! Four more years! Four more years! Four more years! Four more years!

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It's All Politics
1:17 am
Wed November 7, 2012

Business, Labor Groups Laud Obama Victory

Exit polls showed the economy was Issue No. 1 with voters in this presidential election. And it didn't take long for labor organizers and business leaders to start offering their thoughts on the re-election of President Obama.

Because of White House policies, the U.S. economy is "beginning to pick up steam," AFL-CIO President Richard Trumka said in a statement. He cheered Obama's win and put congressional Republicans on notice that Democrats will focus on "ending the Bush tax cuts for the rich and opposing any cuts to Social Security, Medicare, or Medicaid benefits."

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