There will be no rest to savour his victory for newly re-elected U-S President Barack Obama. He faces a showdown with congressional Republicans an impending “fiscal cliff,” a series of automatic tax increases and spending cuts that could suck hundreds of billions of dollars out of the economy and plunge the US back into recession.

It will take cooperation between the parties to find a new budget formula that would avoid the fiscal cliff from kicking in December 31st.

Obama’s wasting no time. He’s already been on the phone with the four top leaders of the House and Senate to find some common ground.

House Speaker John Boehner says he’s willing to work out a deal with Obama that would raise taxes “under the right conditions” to help reduce the debt.

In the meantime, federal Finance Minister Jim Flaherty says he’s prepared to take action to support our economy if a shock from outside Canada threatens to once again plunge this country into recession.