Our take: Decisions are to be made quickly for President Obama and Congress to avoid a "fiscal cliff." The "fiscal cliff" means less spending and tax increase of more than $600 billion, according to Damian Paletta and Jon Hilsenrath, reporters from The Wall Street Journal. Paletta and Hilsenrath analyze what is next for Obama's decisions with the economy:
"In his second term, freshly re-elected President Barack Obama confronts an economy that offers glimmers of long-missing vitality but remains held back by fiscal and regulatory uncertainties and slowing global growth.
"The U.S. economy has shown signs of improvement in recent months. Unemployment is below 8 percent, stock prices are up, the housing sector is reviving and consumers are starting to step up spending on cars and other big-ticket items after four years of paying down debt."
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