A 10-year, USD 4.6 trillion balanced budget proposal unveiled by Republicans on Tuesday could either be shelved within weeks or help jump-start negotiations with President Barack Obama toward a major deficit-reduction deal.
President Barack Obama will need to quickly secure agreement on avoiding the "fiscal cliff" and raising the debt ceiling following Tuesday's elections, Fitch Ratings said.
After months of no holds barred campaigning against Mitt Romney, US President Barack Obama today promised to work with his Republican rival to take the debt-ridden nation forward, saying that "the best is yet to come".
Republican Paul Ryan got a taste of the rough side of a presidential campaign on Monday when protesters heckled him and President Barack Obama accused him of blocking emergency aid to drought-hit farmers.
Republicans in the US House of Representatives united on Friday behind a 2012 budget plan that would slash trillions of dollars in government spending while cutting taxes, setting the stage for acrimonious debt and deficit negotiations with President Barack Obama.