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Economic unease looms after election

Published: Thursday, July 2 2015 4:37 a.m. MDT

Sept. 2012, a new home is under construction in Edmond, Okla. U.S. sales of new homes jumped in September to the highest level in more than two years. Though the housing market is improving, there is still a lot of work to be done to avoid another recession. (Sue Ogrocki, Associated Press ) Sept. 2012, a new home is under construction in Edmond, Okla. U.S. sales of new homes jumped in September to the highest level in more than two years. Though the housing market is improving, there is still a lot of work to be done to avoid another recession. (Sue Ogrocki, Associated Press )

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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