That will be an important factor in the mind of the Fed. The Republican victory certainly suggests that tax cuts will be more formidable, so that fiscal policy will be more flush.

Will some reporter, or some Republican on the Sunday shows, please ask why tax cuts raid the non-existent Social Security Trust Fund but all the Democrats' new spending doesn't? Will someone please ask that?

[And at a Capitol Hill news conference, Treasury Secretary Lawrence Summers warned that huge tax cuts also could have unwanted economic consequences, including higher interest rates, greater inflation and a larger public debt.] The tax cuts that have been put on the table represent a reversal of course, ... Confidence is crucial. It is time for us to make the right and prudent decision.

The entire fiscal landscape has been transformed in the last week, ... The entire Republican agenda of tax cuts, Social Security reform and big spending on pet Republican projects is over. Events do eventually have an impact on Capitol Hill.

There's a right way and a wrong way to cut taxes. The Republican tax cuts reward the few, our tax cuts invest in the future,

Not only will these tax cuts - mainly for the super wealthy and big corporations - wipe out the savings from the budget cuts, it will actually balloon our deficit even further.