Spin Cycle

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Obama's short victory celebration gives way to fiscal-cliff talk

Before President Barack Obama even gets back to Washington today, the leaders of the two chambers of Congress will have already laid out the battle lines for next week's fight over the "fiscal cliff."

House Speaker John Boehner (R-Ohio) scheduled a 3:30 p.m. news conference to discuss the fiscal cliff, and soon after Senate Majority Leader Harry Reid (D-Nev.) responded by scheduling his own newser at the Capitol at noon.

Obama's short second-term honeymoon is underscored by CNN's quick focus on the Dow dropping 100 points on opening.

You'll be hearing a lot about the fiscal cliff in the next few weeks. It is the combination of the Bush tax cuts expiring at year's end, the need for raising the debt ceiling, and the threat of a sequester, an awkward term for an automatic $900 billion federal spending cut for next year, divided between defense and domestic spending, unless Congress passes a bill to avert it by Jan. 2.

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