Obama back in Washington

President Obama has arrived back in Washington DC with his family to begin his second term in office.

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House Speaker will work with Obama to avoid fiscal cliff

John Boehner, the Republican Speaker of the House of Representatives, has said Washington should find a short-term solution to avoid the fiscal cliff and then work on a substantive debt reduction plan in 2013.

The White House and lawmakers have less than two months to deal with the fiscal cliff or $600 billion worth of spending cuts and tax increases due to go into effect at the end of the year.

We won't solve the problem of our fiscal imbalance overnight ... What we can do is avert the cliff in a manner that serves as a down payment on - and a catalyst for - major solutions, enacted in 2013, that begin to solve the problem.

– John Boehner

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