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President Obama and the New Congress Confront Budget and Regulatory Realities

The historic Republican victory in the U.S. House of Representatives, combined with major gains by Republicans in the U.S. Senate in the congressional midterm elections, shifted rightward the political center of gravity in Washington. Republican congressional leaders, buoyed by their victories, declared they were sent to the nation’s capital to, among other things, cut federal spending and rollback “job-killing” federal regulations.