Washington Daybook: Back to Business

Photograph by Chris Maddaloni/CQ Roll Call/Getty Images

Speaker of the House John Boehner finishes speaking at the Republican National Committee Election Night party at the Ronald Reagan Building in Washington, DC.

President Barack Obama may hold the first press conference since winning re-election today or tomorrow, outlining his plans for a second term. There’s little time for celebration.

Obama’s victory is roiling markets because of perceptions it’s heightened the threat of the fiscal cliff, including $500 billion in automatic defense-spending cuts beginning in January, unless Republicans and Democrats can agree on an alternate plan to reduce the nation’s deficit. An index of the 10 biggest U.S. military contractors fell 3.1 percent yesterday.

House Speaker John Boehner, who returned to the role of party standard-bearer following Mitt Romney’s election loss, told reporters that Republicans are “willing to accept new revenue under the right conditions.” Still, he cited ideas Democrats have already rejected including restructuring entitlement programs and relying on revenue generated by economic growth from a tax-code overhaul, and didn’t say what concessions he might be willing to make in negotiations with the White House.

Other companies are benefiting from the President’s triumph at the polls, including some outside the country. Canadian energy companies led by TransCanada Corp. and Suncor Energy Inc. will likely benefit from the re-election of Obama, who analysts say will approve TransCanada’s long delayed Keystone XL pipeline.

Changes in committee leadership next year noted by BNA Bloomberg include:

  • Sen. Crapo may replace Shelby as top Republican on the Senate Banking, Housing, and Urban Affairs Committee
  •  Sen. DeMint is likely to become top-ranking Republican on Senate Commerce
  • Rep. Hensarling may be next chairman of House Financial Services, with Rep. Waters as top Democrat
  • Rep. Shuster is likely to become chairman of Transportation Committee
  • Rep. Brady is in line to chair the Joint Economic Committee
  • Rep. Goodlatte to vie for House Judiciary chairmanship

Also today, the American Petroleum Institute holds a post-election conference call briefing to discuss the role that increased domestic energy production can play in rebuilding the economy.

Environmental Entrepreneurs releases its clean energy jobs report, including a look at the impact of Congress not extending a tax credit for wind energy. And Nuclear Regulatory Commission staff discuss post-Fukushima revisions to U.S. safety regulations.

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