The challenges ahead for Obama ... and how the world reacted

Barack Obama’s victory means his economic vision is still alive and about to drive the political conversation with his adversaries. The legacy of his first term is safe and enshrined to history.

Mr Obama will push for higher taxes on the wealthy as a way to shrink a choking debt and to steer money toward the programmes he wants. He will try to land a massive financial deficit-cutting deal with Congress in the coming months and then move on to an immigration overhaul, tax reform and other bipartisan dreams.

He will not have to worry that his health care law will be repealed, or that his Wall Street reforms will be gutted, or that his name will be consigned to the list of one-term presidents who got fired before they could finish.