Despite pundit predictions, President Barack Obama handily defeated Republican nominee Mitt Romney in the national election in November, but his celebrations were short lived. Even before the last piece of confetti fell, the conversation turned to the country’s looming fiscal cliff, in which tax increases, spending cuts and other economic measures are expected to have a dire impact in the new year. Now, while the world watches, Obama and Speaker of the House John Boehner continue to engage in a high-stakes game of chicken, as both wait for the other to give way on revenue streams and budget deficits.
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