Republicans put fiscal cliff back in Obama's court

Commentary: Profound budget and spending cuts needed to avoid another recession

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In a nation still blinking to post-election wakefulness, stick with domestic economics. Europe, the Middle East, China and Japan all have their stuff simmering near boil. But here matters most here. Fiscal cliff, then housing credit.

The strange presidential election was a double rope-a-dope. Mitt Romney assumed that no president would be re-elected in an economy as poor as this. President Obama assumed that a Wall Street fat cat deaf to the people would be unelectable in the Bubble aftermath. Roger that. Ten four.