Obama and Romney gracious after the fierce battle

President Barack Obama Obama graciously thanked challenger Mitt Romney for a gamey fight in a campaign that cost over two billion dollars for both camps. Romney's speech was conciliatory and equally gracious. Obama won the popular vote receiving over 53 million votes (Romney received about 52 million). Obama exceeded the 270 Electoral College votes needed, getting over 300 (totals are still being counted).

The majority in the House went to the Republicans who increased their number by 2 while the Democrats retained the Senate majority easily. We are in for a divided government that may deadlock on many issues such as tax increase on the wealthy and social agenda like welfare and abortion rights.

Obama promised to work with the Opposition in solving the urgent matter of jobs. He said that he intended to meet with Romney and hold talks.

One of the most divisive issues of the campaign was the reform of the tax code and the need to raise revenue by changing the capital gains tax.

Second term dynamics

Obama may be strengthened by winning a second term even with unemployment standing at 7.9 percent. The gradual economic recovery seen during the past year may accelerate and most economists expected a booming trend.

However, the Republican House majority may be a stumbling block and Obama has to bring about a change far more conducive to decision making.

The potential for Obama to appoint one of two Supreme Court judges during the next term loomed large during the campaign speeches. That would help to ensure a Democratic-leaning majority in the Court. Two current judges are reaching advanced age now.

Campaign highlights

The money spent by both campaigns exceeded two billion dollars without taking into count the money spent on Ads by Super Packs. Here is another matter that may see a change. Most analysts were fed up with the uncontrolled spending sprees now allowed by law.

The long lines and equally long time spent by voters at polling booth may also need to be immediately dealt with. Florida and Ohio in particular had shortened the number of days set aside for early voting. That must be changed. Oregon and Washington State vote by mail. That has saved lot of money and worked very well so far. Electoral reform would definitely be a matter for debate.

It was a historic campaign—president getting elected during a recession, Romney and Ryan losing their home states, and the large TV audiences that watched the three debates were some of the highlights of the election.

Over to 2016 - Speculation has already started as to the likely candidates in 2016-Joe Biden, Hilary Clinton, Paul Ryan, Pick Sanctorum and others.

http://www.cbsnews.com/video/watch/?id=50134659n&tag=fdleft;fdmodule

- Asian Tribune -