By Richard McGregor in Washington
It is remarkable that Barack Obama, only months after a convincing re-election, seems to keep falling back on his self-professed powerlessness when pressed about his second-term agenda.
Be it on closing down Guantanamo Bay, ending the across-the-board budget cuts (known as sequestration), restricting firearms sales or bringing Obamacare into life, Mr Obama talks more about what he can’t get done than the other way round.
The president suffered the indignity at a Tuesday press conference of being asked if his second-term administration still had any “juice” left, joking in response that maybe he should “just pack up and go home”. Read more
♦ Kenya’s new leader Uhuru Kenyatta is proving deft at politics even with a charge for crimes against humanity hanging over his head.
♦ Jonathan Soble looks at the dilemma that Haruhiko Kuroda faces over the next two years – “How do you convince markets and consumers that you are serious about raising prices, without being so dogmatic that you risk the central bank’s credibility – and your job – if you fail?”
♦ Margaret Thatcher’s death has prompted a wave of nostalgia among US conservatives.
♦ Sarah Neville, the FT’s public policy editor, thinks welfare reforms in the UK are likely to test the resolve of the middle class. (You can find out more about the reforms in today’s additions to the FT Austerity Audit.)
♦ Nicolás Maduro summons the ghost of Hugo Chávez in the final days of his campaign, a move he is counting on to propel him to victory at Sunday’s presidential elections.
♦ Jack Goldstone at Foreign Policy thinks there “is a real risk that the Korean Peninsula will follow Syria’s descent into war”. (Although you might not have to worry. The military’s planned missile test has been “put on hold because of “problems with Windows 8”, according to the Borowitz Report.) Read more
Rand Paul (Getty Images)
Rand Paul’s marathon filibuster last week – aimed at holding up the confirmation of John Brennan as head of the CIA – was much more than a parliamentary stunt. It has opened up interesting new debates and divisions on the future direction of US foreign policy.
Senator Paul’s highlighting of the Obama administration’s use of drones for “targeted killings” of terrorist suspects, has established an unlikely alliance between the libertarian right and the liberal left. Until Paul took up the drones issue, it was mainly the likes of the American Civil Liberties Union, who were making the running in criticising the drone strikes. But, as Paul illustrated, there is a good libertarian case for suspicion of the over-mighty covert state. Even more interestingly, Paul’s stand placed him directly at odds with the neoconservative wing of his own Republican Party.
The Wall Street Journal has denounced Paul for appealing to “impressionable libertarian kids” – a condemnation quoted with approval by John McCain, one of the party’s leading foreign-policy hawks.
Conveniently for President Obama, this argument between the two wings of the Republican Party places the president somewhere in the middle. He will never be as hawkish as the Republican neocons, many of whom are pressing for intervention in Syria, an assault on Iran and denouncing cuts in the Pentagon budget. On the other hand, the president’s expansion of the drone war and his unwillingness to rein in the burgeoning national-security apparatus makes him very far from being a “libertarian kid”. Read more
Welcome to our rolling coverage of Barack Obama’s inauguration for another four years as US president, complete with agenda-setting speech. By Tom Burgis, Lina Saigol and Ben Fenton with contributions from FT correspondents. All times are EST.
11.00 For ease of reading, we’re going to switch into a new post. Like the transition between two presidential terms, this is meant to happen seamlessly. Just click here to go on reading the latest updates from our colleagues in DC.
Welcome back to the FT’s live coverage of the US Election 2012 as voters have re-elected Barack Obama over Mitt Romney. The Democrats will retain a majority in the Senate, while the Republicans will hold the house. Follow all the action with Shannon Bond, Arash Massoudi and Anjli Raval in New York (All times EST).
02.20: As the celebrations continue in Chicago, we leave you with these closing thoughts.
The President came into tonight’s election a damaged political figure with victory far from certain. He won with help of a unmatched grass-roots campaign and his direct appeal to a broad cross-section of America’s ever-changing demographics. He won’t enter his second-term in office with the same momentum in his sails but that’s not to say his challenges are any less daunting. Read more
Welcome back to the FT’s live coverage of the US Election 2012 in which US voters will choose between Barack Obama and Mitt Romney. As millions of Americans continue to head to polling sites around the country, some results will begin to trickle in shortly.
By Arash Massoudi and Anjli Raval in New York (All times EST)
19.00: Continue to follow our election live blog here.
18.55: How will markets react tomorrow? Michael Mackenzie, FT’s US markets editor, says bond traders believe Treasury yields are likely to fall if President Obama is re-elected as attention will focus on gridlock and the “fiscal cliff”.
“Traders think a Romney win would push the benchmark yield higher as the risk of a fiscal accident is reduced. For equities, the consensus view is that a relief rally beckons once the election result is finalised, with a Romney win pushing stocks even higher.”