There will be ghastly consequences for the United States and the wider world if Congress and the President do not come to an agreement about deficit reduction

Earlier this month Barack Obama was re-elected as President of the United States, granting him four more years in office. But why did the 2012 election turn out the way it did and what does the result mean in policy terms? Professor Theodore Marmor FBA explains why the nature of American governance means political stalemate is the most likely outcome of the election, but that Congress and the President will have to work together to save America from the “fiscal cliff” that is fast approaching.