Scott Horsley

President Obama is winging his way home from Asia Tuesday. The White House insists domestic budget concerns won't affect U.S. investment in Asia, which was the point of the president's three-nation tour this week. But some in the region are not so sure.

President Obama meets with labor leaders at the White House on Tuesday to discuss how to steer clear of the so-called fiscal cliff. It's the first of many meetings aimed at avoiding automatic tax increases and spending cuts at the beginning of the new year.

A week ago, the president proved again that he and his team are good at winning elections. The question now is whether he can translate victory at the ballot box to success in shaping policy.

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Speaker Boehner also said he wants to work with the president to keep them from going over the fiscal cliff - higher taxes and spending cuts that take effect at the end of the year. The Congressional Budget Office warns of a new recession if Congress doesn't make changes. NPR's Scott Horsley has our daily look at the bottom line.

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From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.

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And Robert Siegel. The confetti has fallen in Chicago, where President Obama celebrated a decisive reelection win early this morning. Now comes the hard work of preparing for a second term. Before flying back to Washington this evening, Mr. Obama acknowledged some of the big issues ahead.

President Obama will spend another four years in the White House after winning more than 300 electoral votes. In his victory speech from Chicago, the president promised that the "best is yet to come."

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SCOTT HORSLEY, BYLINE: And I'm Scott Horsley, traveling with the Obama campaign. Actually, the president's campaign travel is finished. Mr. Obama spent the night at his own home in Chicago. Today's plans call for some TV and radio interviews and maybe a game of basketball with some friends. Mr. Obama's last reelection rally came last night in Iowa, where 20,000 people gathered just outside the caucus headquarters where he launched his first presidential campaign more than five years ago.

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The presidential candidates will be hopscotching among the handful of states that are most closely contested this weekend. President Obama begins campaigning Saturday where he left off Friday, in the all-important battleground of Ohio.

President Obama offered thoughts and prayers Tuesday for all those who have been affected by Sandy. He also offered something more tangible: the full resources of the federal government.

"The most important message I have for them is that America's with you," he said. "We are standing behind you, and we are going to do everything we can to help you get back on your feet."

For Obama, the federal government is a critical vehicle for that kind of help. Republicans put more faith in local government, and even voluntary efforts.

Later this week we'll get another snapshot of the U.S. job market: the last unemployment report before next week's presidential election.

Forecasters expect another sign of slow but steady job growth. Whoever is in the Oval Office next year will have to cope with a sluggish U.S. economy and confront some urgent policy decisions.

President Obama barnstormed from Iowa to Las Vegas and L.A. on Wednesday, before taking a red eye back east.

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From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.

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I'm Audie Cornish, and we begin this hour with a sprint. The 2012 presidential debates are now history and today, President Obama and his Republican challenger Mitt Romney begin the two-week race to Election Day. Mr. Obama is widely considered the winner of last night's foreign policy debate, but he didn't spend much time crowing today.

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Here's something President Obama and Mitt Romney agree on: America's tax system is too complicated. Both men have outlined changes that are broadly similar, but with some important differences.

The Problem:

Today's tax code is like a department store, where the price tags are high, but there are lots of coupons, sales and weekend specials. That creates some inequities. Just as shoppers can pay different prices depending on which day they buy, taxpayers with the same income can pay very different rates depending on which deductions they qualify for.

President Obama and his Republican rival, Mitt Romney, seem to have switched places in recent days.

The incumbent president is promising to change Washington from the outside. Meanwhile, Romney, who made his fortune turning businesses around, says he wants to work within the existing political system.

The contrast was on display Saturday in Wisconsin, where Obama held one of the biggest rallies of his re-election campaign.

GOP presidential nominee Mitt Romney has criticized President Obama for not taking a harder line against China. On Monday, the White House announced a new trade complaint over what the administration calls China's unfair subsidies for auto parts. The news came as Obama campaigned in Ohio, where auto parts are big business.