United States

The 2012 election

In the November 6 election, Obama captured a second term, narrowly winning the national popular vote and triumphing in the electoral college by holding off Romney’s challenge in nearly all the “battleground” states. The Republicans and Democrats held on to their majorities in the House and Senate, respectively. Postelection negotiations between Obama and Boehner aimed at avoiding the fiscal cliff failed, but on January 1, 2013, a last-minute deal brokered by Biden and McConnell passed the Senate 89 to 8 and then was approved by the House 257 to 167, with about one-third of Republicans voting with Democrats during a rare New Year’s Day session. The compromise preserved the Bush-era income tax cuts for individuals earning $400,000 or less and couples making $450,000 or less annually, but it raised taxes on those earning more than that from 35 percent to 39.6 percent, the first federal income tax increase in some two decades. The bill also raised taxes on dividends and inheritance for some high-end earners but allowed the payroll tax cut that had been initiated by Obama to lapse.

Obama, Barack; votingU.S. Pres. Barack Obama voting in the 2012 general election.Official White House Photo by Pete Souza