Taxes could rise as Congress faces looming crisis - wave3.com-Louisville News, Weather & Sports

Taxes could rise as Congress faces looming crisis

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WASHINGTON (WAVE) - While celebrating victory, President Barack Obama extended an olive branch to Republicans and reached out to a divided nation.

The President said, "Whether I earned your vote or not, I have listened to you. I have learned from you. And you have made me a better president."

While the president's electoral win was resounding, roughly 2 million votes separated the candidates.

In defeat, Mitt Romney was both gracious and conciliatory, "At a time like this, we can't risk partisan bickering and political posturing. Our leaders have to reach across the aisle to do the people's work."

Democrats will maintain control of the new Senate and Republicans will still have firm control of the House, but the current Congress is facing a looming crisis.

If there is no spending compromise by December 31 taxes will go up for every American on January 1, 2013 and automatic across-the-board cuts will kick in.

With the election decided lawmakers from both parties now face the daunting task of getting work done in a capitol as polarized as ever.

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