Los Angeles Business Journal

Obama Faces Pressure to Lead on Fiscal Cliff After Victory

Wednesday, November 7, 2012

President Barack Obama’s victory positions him to claim a mandate for pushing a proposal through Congress that would let tax cuts expire for top earners and avert $1.2 trillion in automatic spending reductions, Bloomberg News reports. And Pimco’s Bill Gross told CNBC that fixing the fiscal cliff will result in much higher taxes.