While the President has kept a low profile since election night, behind the scenes he has been laying the groundwork for negotiations with Congress on a package that must be agreed by the year's end,louboutin. Otherwise, deep cuts – to the Pentagon in particular – will come into effect automatically, as will the expiration of Bush-era tax cuts for the rich. The knock-on effects could suck $­700bn out of the economy.

The burning question in Washington is whether the results of the election will create a framework for compromise between Mr Obama and the leadership of the Republicans, who easily retained control of the House of Representatives. Both sides will have to offer concessions for an agreement to be possible. That will mean summoning political flexibility of the kind that was absent in Washington before the election.

"Hopefully people will read those results and read them as a vote for cooperation and will come to the table," David Axelrod, the top Obama advisor, said yesterday. "Obviously, everyone's going to have to come with an open mind to these discussions. But if the attitude is that nothing happened on Tuesday that would be unfortunate."

Mr Obama attempted to phone congressional leaders of both sides on Tuesday night after his victory but was told they were sleeping. Since returning to the White House, however, he has been working the phone lines to Capitol Hill, which will reconvene in a last-duck session early next week.

The President told the congressional leaders he believed "the American people sent a message in yesterday's election that leaders in both parties need to put aside their partisan interests and work with common purpose to put the interests of the American people and the American economy first", the White House said in a statement.

Almost as urgent,christian louboutin, however, is beginning auditions for a refreshed Obama cabinet. Among veterans of his first term in office who have signalled their intention to leave, the most obvious are Hillary Clinton at the State Department and Treasury Secretary, Timothy Geithner. However,louboutin, some expect Eric Holder, the Attorney General, and Leon Panetta, the Secretary of Defence and former CIA director, to also head for the exit.

Pressure is likely to be on the President to appoint at least one high-profile Republican to his cabinet and eyes have turned to the retiring Senator from Maine, Olympia Snowe, a moderate, for some important position.

Speculation for the position of Secretary of State has long centred on Senator John Kerry, who is chairman of the Foreign Relations Committee in the Senate, as well as Susan Rice, ambassador to the United Nations. Ms Rice, however, has been damaged more than anyone by the fallout from the killings in Benghazi in September. Thomas Donilon,louboutin, the current National Security Advisor, might also be a candidate for top US diplomat.

Nothing, however, will take the glow from Mr Obama's victory more quickly than the fiscal negotiations. Especially difficult is the taxation issue. Ending the tax cuts for families with income above $­250,000 was a pledge repeatedly made by the President on the campaign trail and thus doing anything different in these negotiations would be extremely difficult.

On Wednesday, John Boehner, the speaker of the House, did at least signal a degree of suppleness, noting for the first time that some revenue increases may be tolerable to his party, though signalling that in return Mr Obama would have to swallow cuts in funding for social safety net programmes.

"Mr President, this is your moment," said Mr Boehner,christian louboutin shoes, whose own position had been bolstered by his party's success in holding the House. ",christian louboutin uk;We're ready to be led – not as Democrats or Republicans,christian louboutin, but as Americans,christian louboutin uk. We want you to lead, not as a liberal or a conservative, but as President of the United States of America,christian louboutin sale."

Team Obama, Mk II: Who's in and who's out

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Timothy Geithner

The Treasury Secretary is widely expected to leave office and return to his family in New York. Indeed it is believed President Obama had to persuade him not to step down mid-way through his fi