President Barack Obama was re-elected for a second term after defeating Republican Party candidate Mitt Romney in the elections held on 6 November. At the time of writing, Obama had obtained 303 electoral votes, already exceeding the 270 votes necessary to ensure re-election. As widely expected, the Republican Party maintained a majority in the House of Representatives, while Democrats were able to hold on to their majority in the Senate, where only a third of the seats were up for re-election. These results lead to what is known as a "divided government", therefore increasing the possibility of a political stalemate in the country. With the so-called "fiscal cliff" - a series of major tax breaks and spending programmes running out on 31 December which amount to more than USD 600 billion - looming, the economic outlook for 2013 continues to be overshadowed by the political developments in the coming months. If these policy changes go into full effect, this could shave as much as four percentage points off U.S. GDP growth, according to estimates by the Congressional Budget Office, likely driving the American economy back into recession.
United States Other
Obama re-elected for a second term
November 8, 2012
Looking for forecasts related to Other in United States? Download a sample report now.
United States Economic News
United States: Clinton’s lead over Trump widens but presidential election results are still uncertain
October 20, 2016
Only a few weeks ahead of the 8 November presidential elections, major polls suggest that Hillary Clinton has extended her lead over Donald Trump, but the presidential race will be decided in the most fiercely contested states.
October 14, 2016
In September, nominal retail sales expanded 0.6% over the previous month.
October 7, 2016
Non-farm payrolls grew 156,000 in September, which came in below August’s upwardly-revised increase of 167,000 (previously reported: +151,000).
October 3, 2016
The ISM manufacturing index increased more than expected in September and returned to expansionary territory, after a temporary setback in August.
September 27, 2016
The S&P/Case-Shiller 20-city home composite index rose 0.6% in July over the previous month.