Cantor CEO: 'Off the fiscal cliff we go'

Part of complete coverage on

By Ramy Inocencio, for CNN

January 25, 2013 -- Updated 1120 GMT (1920 HKT)

STORY HIGHLIGHTS

• 'U.S. fiscal cliff still coming' in form of failure to raise debt ceiling, Cantor Fitzgerald CEO


• More than 25% of CEOs feel world economy will get worse in 2013, says PwC survey


• U.S. House of Representatives passed short-term debt ceiling increase Jan. 23


• Lutnick: 'Dumb lending' caused 2008 credit crisis

Hong Kong (CNN) -- The world thought the U.S. fiscal cliff deadline was December 31, but "the fiscal cliff is (still) coming", says Richard Lutnick, CEO of global financial services firm Cantor Fitzgerald.

"You're going to watch the U.S. do crazy, crazy things this year," said Lutnick to CNN's Richard Quest at the World Economic Forum in Davos, Switzerland. "The Republican Party that was elected to control Congress... (is) going to cross their arms and they are not going to raise the debt ceiling ultimately unless they get severe spending cuts, and the Obama administration is not going to give it to them."

If Congress fails to act, the U.S. and the world economy will have a "dreadful" 2013, Lutnick said.

Following this week's PricewaterhouseCoopers survey of global CEO confidence, Lutnick appears to be one of the more than 25% who think the world economy is more likely to deteriorate in 2013.

Despite Lutnick's concerns, on January 23 the Republican-controlled House of Representatives did pass a bill that would allow the U.S. Treasury to borrow new money through mid-May. President Barack Obama has said he would not oppose the proposal if it reaches his desk, although he prefers a long-term debt ceiling increase.

Lutnick adds that to avoid a repeat of the 2008 financial crisis, regulators need to actually address issues that caused it.

"What caused the credit crisis was just dumb lending. When you lend money to people who can't pay you back, you go broke."

Looking ahead to 2013, Lutnick says the biggest risk to global growth is the U.S. hitting the debt ceiling -- whether in the short- or long-term.

"Off the fiscal cliff we go. We (the U.S.) are irrational and we are silly... we are dopey."

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World Economic Forum 2013

January 23, 2013 -- Updated 1308 GMT (2108 HKT)

Global policymakers, leading thinkers and key entrepreneurs are gathering in Davos. CNN brings you the latest news, views and musings live.

January 23, 2013 -- Updated 1342 GMT (2142 HKT)

Economic empowerment offers a win-win scenario for Saudi Arabia and its women, Mounira Jamjoon writes.

January 23, 2013 -- Updated 1154 GMT (1954 HKT)

The recession in Europe is entering its fifth year and unemployment doesn't look like it will be returning to normal levels anytime soon.

January 22, 2013 -- Updated 1324 GMT (2124 HKT)

What has been made clear by current events and financial upheavals since 2008 is that the global economy has become truly that -- global.

The globe's greatest economic minds meet in Davos next week. With financial crises in the U.S. and Europe, CNN asks: What is your economic mood?

Many eurozone countries face dropping employment even as basic costs rise. But not everyone is suffering. Explore our interactive for more.

January 23, 2013 -- Updated 0551 GMT (1351 HKT)

In 2013, the greatest risk of conflict lies in the geopolitical struggle between Japan and China, according to Ian Bremmer of Eurasia Group.

January 21, 2013 -- Updated 1502 GMT (2302 HKT)

CNN's Richard Quest explores the topic that will be on every delegate's lips at the World Economic Forum in Davos this year.

January 21, 2013 -- Updated 1500 GMT (2300 HKT)

It was January 25, 2011, when the brisk winds of change from Tahrir Square swept through the Swiss Alpine village of Davos.

January 21, 2013 -- Updated 1357 GMT (2157 HKT)

The world's political and business elite will converge on Europe's highest-altitude town for the annual talk-shop that is the World Economic Forum.

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On July 1, 2013 the 27-nation European Union will become 28. But is the Adriatic country ready to join Europe's elite club?

January 22, 2013 -- Updated 1133 GMT (1933 HKT)

The great Davos talking shop is now up and running, with delegates of all levels of importance, shapes and nationalities putting the world to rights.

January 21, 2013 -- Updated 1404 GMT (2204 HKT)

After five years in crisis the eurozone's new leader has emerged. With influence reaching from the Arctic Circle to the Mediterranean Sea.

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NUS names water research facility in honour of Dutchman

SINGAPORE: The National University of Singapore has named its water research facility the van Kleef Centre. This is to honour Dutchman Karel Willem Benjamin van Kleef, who lived in Singapore in the 19th and early 20th century.

He bequeathed his fortune to build the Van Kleef Aquarium, which was demolished in 1996.

The research facility was named in conjunction with a visit by the Queen of Netherlands.

Queen Beatrix was accompanied by members of the royal family, Prince of Orange and Princess Maxima of the Netherlands, as well as foreign affairs and foreign trade ministers.

They visited the Aquatic Science Centre, where researchers showcased research work on urban water management and water sensitive urban design.

Ambassador-at-Large Professor Tommy Koh was one of the guests. Prof Koh said it was important for Singaporeans to remember and honour foreign friends who had been good to Singapore.

He said: "I want them to remember that this is a foreign friend of Singapore who loved our country so much that he bequeathed his fortune to us, and also to remember the aquarium which has disappeared.

"Because for two generations of Singaporeans, it was the only aquarium in Singapore, and we all went there. We loved the aquarium and it made an impact on some people."

-CNA/ac

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After threatening U.S., North Korea turns wrath on South

STORY HIGHLIGHTS

• NEW: A Chinese state-run newspaper warns North Korea over nuclear test


• Pyongyang threatens "physical counter-measures" against South Korea


• It says it will act if South Korea takes a "direct part" in new U.N. sanctions


• A day earlier, the North said a new nuclear test would be part of its fight against the U.S.

Seoul, South Korea (CNN) -- In its latest bout of saber-rattling, North Korea on Friday warned of the possibility of "strong physical counter-measures" against South Korea in relation to tougher sanctions imposed this week by the United Nations.

The threat against South Korea came a day after the North said it would carry out a new nuclear test and more long-range rocket launches as part of a new phase of confrontation with the United States.

The statement Friday from North Korea's Committee for Peaceful Reunification of the Fatherland said it would take action against South Korea if it "takes a direct part" in the U.N. sanctions.

The South Korean Unification Ministry declined to comment specifically on the new threats from Pyongyang. It reiterated its stance that North Korea should refrain from further provocations.

The two Koreas are technically still at war from the all-out conflict between them in the 1950s. Smaller scale clashes have occurred since then, most recently in November 2010 when North Korea shelled a South Korean island, killing several people.

South Korea and the United States are often the focus of menacing language from Pyongyang, but the latest U.N. sanctions, a response to a long-range rocket launched last month by the North, appear to have prompted a ratcheting up of the threats.

A displeased Chinese editorial

At the same time, North Korea's strong words and vow to conduct a third nuclear test -- previous ones took place in 2006 and 2009 -- appear to be testing the patience of its main ally, China, which voted in favor of the U.N. sanctions this week.

An editorial published Friday in the English-language edition of the state-run Chinese newspaper Global Times struck a displeased tone over Pyongyang's comments a day earlier.

"China's role and position are clear when discussing North Korea issue in the U.N. Security Council," the editorial said. "If North Korea engages in further nuclear tests, China will not hesitate to reduce its assistance to North Korea."

That prospect carries weight, since North Korea's impoverished economy relies heavily on China to stay afloat.

Global Times, whose editorial line often but not always reflects official Chinese policy, made it clear, though, that Beijing isn't about to cut Pyongyang loose.

"If the U.S., Japan and South Korea promote extreme U.N. sanctions on North Korea, China will resolutely stop them and force them to amend these draft resolutions," the editorial said.

Global Times noted that Beijing had put "a lot of effort into amendments" to the resolution approved by the Security Council this week.

"It seems that North Korea does not appreciate China's efforts," it said. "It criticized China without explicitly naming it in its statement yesterday."

The newspaper was referring to a passage in the controversial North Korean statement Thursday that said that "big countries, which are obliged to take the lead in building a fair world order, are abandoning without hesitation even elementary principle, under the influence of the U.S. arbitrary and high-handed practices."

The Global Times editorial also suggested that North Korea shouldn't rank too highly among China's priorities.

"China hopes for a stable peninsula, but it's not the end of the world if there's trouble there," it said, referring to the Korean peninsula that comprises North and South Korea. "This should be the baseline of China's position."

The Chinese Foreign Ministry on Thursday had urged North Korea and the West to "keep calm, remain cautious and refrain from any action that might escalate the situation in the region."

U.S. concerned but prepared

U.S. Secretary of Defense Leon Panetta said Thursday there are no "outward indications" that North Korea is about to conduct a nuclear test, but he admitted it would be hard to determine that in advance.

"They have the capability, frankly, to conduct these tests in a way that makes it very difficult to determine whether or not they are doing it," he said in a Pentagon press conference.

"We are very concerned with North Korea's continuing provocative behavior," Panetta said, but he added that the United States is "fully prepared" to deal with any provocations.

CNN's K.J. Kwon reported from Seoul, and Jethro Mullen reported and wrote from Hong Kong. CNN's Jaime A. FlorCruz in Beijing contributed to this report.

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Battery expert: "I would not fly in a Dreamliner"

(CBS News) WASHINGTON - Investigators say they still don't know what caused batteries to burn in two Boeing 787 Dreamliners, and until they figure that out and how to fix the problem, none of the planes will be allowed to fly.

More than any other plane, the Dreamliner relies on lithium ion batteries to help power its advanced electrical system. They're lighter and more powerful than older battery types, but they contain a highly flammable liquid electrolyte.

U.S. officials defend handling of 787 mishaps

Boeing 787 probe turns to battery companies

Boeing plans to carry on with Dreamliner production

Federal investigators are examining the disassembled battery from the 787 that caught fire in Boston January 7, spewing molten electrolyte.

George Blomgren worked for Eveready, a batteries and flashlights company, for 40 years. He says lithium ion batteries are bundled together for the 787, and that increases the risk.

"These fires burn at very high temperatures, so they are just very dangerous fires," he said.

George Blomgren, a battery expert for Eveready

/

CBS News

The Boston fire, and the burned-out battery on a Dreamliner in Japan, is not the first time lithium ion batteries have caused problems.

In 2011, a Chevy Volt lithium ion battery was damaged in a crash test. Three weeks later, it burst into flames. Chevrolet installed a number of fixes to prevent fires.

Safety features also were added to lithium ion batteries in some cell phones and laptops after 56 million were recalled for risk of overheating and exploding.

Boeing says lithium ion batteries "best met the performance and design objectives of the 787" and "Based on everything we know at this point, we have not changed our evaluation."

Blomgren considers the safety of lithium ion batteries on planes questionable.

"From what I know about incidents, I would not fly in a Dreamliner tomorrow. I just wouldn't feel that it was appropriate or safe," Blomgren said.

Many experts believe in the promise of lithium ion batteries, including for airlines, but they just aren't sure its safety has been perfected.

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New Orleans Ready for 1st Super Bowl Since Katrina

The people of New Orleans have hosted nine Super Bowls since 1970, but Super Bowl 2013 may be one of the most meaningful yet.

That, of course, is because it's the first Super Bowl in New Orleans since Hurricane Katrina devastated the region in 2005.

When the San Francisco 49ers compete against the Baltimore Ravens on Feb. 3, it may rank with the 2002 game, when New Orleans hosted Super Bowl XXXVI after the attacks of Sept. 11, 2001.

FULL COVERAGE: Super Bowl 2013

"Our home was destroyed by water," said Doug Thornton, 54, senior vice president of SMG, the management company of the Mercedes-Benz Superdome. "Like many in New Orleans, we struggled at times, but have been an active part of the city. For many of us who have gone through this, there is a tremendous sense of pride to showcase our city [for those who] who may have not been here since Katrina."

The Superdome's manager since 1997, Thornton was in the Superdome for five days when Hurricane Katrina made landfall. Back then, it was called the Louisiana Superdome. It later became a shelter for thousands of displaced residents who had lost their homes.

"It's a fixture in the city," Thornton said. "You can't drive anywhere without seeing it. You can't think about going to an event unless you're coming here."

Thornton said the connection between the 37-year-old building and the local residents is even stronger since Katrina.

"We commonly refer to it as the living room of New Orleans," Thornton said.

Super Bowl 2013: Young 49ers Fan's Rap Video Watch Video

German-based car company Mercedes-Benz purchased the naming rights to the stadium in 2011, and Thornton said people embraced the new name immediately, "because we kept the word Superdome in the title."

On game day, Thornton said, he won't be able to enjoy the game. He'll show up to the Superdome around 7:30 a.m., make his rounds around the Superdome, and his day will end well after midnight.

"I've come to learn after doing these events for many years [that] there's no enjoyment," Thornton said. "You learn quickly in this business you can no longer be a fan. We're workers. This is a lifestyle, not a job. You're committed to it. It's 24-7."

The same can be said for the 5,000-or-so workers who will be in the Superdome on game day.

"It's no different than a football player getting ready for the game. You have to be ready mentally and physically," he said.

Read More: Volkswagen Uses Viral YouTube Stars in Super Bowl 2013 Pre-Game Teaser

The city has been preparing for this moment since May 2009, when New Orleans was named host of Super Bowl 47.

Jay Cicero, 50, executive director of the Super Bowl host committee and president and CEO of the Greater New Orleans Sports Foundation, said more than $1 billion in recent infrastructure improvements were not done just for the Super Bowl, but the completion dates were moved up "dramatically" because of the big game.

The city also recently completed a $350 million renovation to the Louis Armstrong International Airport.

On Monday, the city will host a ceremony for the expansion of the historic street car line to one block away from the Superdome.

Cicero said about 100,000 people are expected to travel to New Orleans from out of town for events related to the Super Bowl, which are listed on NewOrleansSuperBowl.com.

The city is also hosting other events that sandwich the Super Bowl because of Mardis Gras 2013.

An early estimate from the University of New Orleans predicted the Super Bowl's economic impact to the region would be valued around $434 million.

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Benghazi blame-game is useless

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STORY HIGHLIGHTS

• Anthony Cordesman: Questions for Hillary Clinton on Benghazi attack inevitable, important


• But political blame game useless, a discouraging message to diplomats, military advisers, he says


• He says in hindsight, warnings, pleas for support mistakenly make crisis seem obvious


• Writer: U.S. must focus forward: encourage, support risk-takers doing crucial work in field

Editor's note: Anthony H. Cordesman holds the Arleigh A. Burke Chair in Strategy at the Center for Strategic and International Studies. Follow CSIS on Twitter.

(CNN) -- Politics are politics, and partisan congressional challenges over the death of Ambassador Chris Stevens and other Americans in Benghazi, Libya, last September were inevitable.

But while some of the questions Secretary of State Hillary Clinton was asked in her appearance before the Senate Foreign Relations Committee bordered on politics at their worst, some represented democracy at its best: A legitimate challenge of how the government works. The fact is, we do need to ask serious questions about the way our diplomats function, how they are deployed and protected.

In her responses, Clinton took responsibility, as the top official in every department always must. The question now, however, is what, if anything, will we really learn from the events that led to the deaths of Stevens and his colleagues?

Anthony H. Cordesman

Do we actually learn something from their courage and sacrifice, and the similar experience of other American diplomats and officers that have faced similar attacks in the past? Or do we go on playing a pointless blame game, creating a climate that discourages our diplomats, U.S. military advisory teams and intelligence officers from taking necessary risks -- and relies even more on fortifying our embassies.

Three lessons here. The first: Virtually every post mortem that relies on the blame game has the same result. There is always someone who asked for more resources and warned of the risk before the event. There are always enough intelligence indicators so that once you go back -- knowing the pattern of actual events -- it becomes possible to predict the past with 20-20 hindsight.

The problem is that the post mortems and hearings tend to be useless. Every prudent security officer has always asked for more; the indicators that could provide warning with 20-20 hindsight will still be buried in a flood of other reporting that warns of crises that don't take place; U.S. officials will still have to deal with what intelligence experts call "noise" -- the vast amount of reporting and other data that make it impossible to sort out the right information until the event actually occurs and the patterns are known. All of this makes it hard to know what request or warning ever matters.

Opinion: Algeria hostage crisis shows jihadists on rise

Yes, intelligence and warning can always be improved if the post mortem is realistic and objective. But the resulting improvements will never be enough. No one will ever assess all the risks correctly, U.S. diplomats and other Americans will be vulnerable when they operate in a hostile environment, and risk-taking will remain inevitable.

The second lesson is that we cannot deal with crises like the political upheavals in the Arab world, or the more direct threats that countries like Iran and North Korea can pose, unless our diplomats and military advisers take risks -- and more casualties -- in the process.

Stevens and those around him did what had to be done. These are the teams that can help lead unstable countries towards democracy and stability. They are the crucial to our counterterrorism efforts in the field and to building up the military security capabilities of developing states. They are key to uniting given factions, creating effective governance, and persuading states to move toward development and greater concern for human rights.

They can only be effective if they are on the scene, work with the leaders and factions involved, and often go into harms way where there are terrorist and military threats. Like Stevens, they cannot wait for perfect security, stay in a safe area, or minimize risks and deal with the realities of Libya, filled with local power struggles, extremist elements and potential threats.

We need risk-takers. We need them in any country that is going through the kind of upheavals taking place in Libya, as well as in countries where our enemies operate, and semi-war zones like Afghanistan, Iraq, Somalia, Syria, and Yemen. We need diplomats, U.S. military advisory teams, and intelligence officers that reach far beyond our embassies and go into high risk zones. We need to reward and honor those risk-takers, not those who shelter in safety and avoid the risks they should take or fear their career will be damaged if anyone is killed or hurt.

Opinion: Algeria crisis is a wakeup call for America

The third lesson is that we do need to steadily strengthen our ability to provide secure mobility, better intelligence, better communications, and better protection for those diplomats, U.S. military advisory teams and intelligence officers. We need to be able to better provide emergency help to those American NGO personnel and businessmen who take similar risks.

We need both an administration and a Congress that look beyond the blame game and understand that some things are worth spending money on. We need them to understand that what we once called the Arab Spring is clearly going to be the Arab Decade, and we face different but equally real risks in the field in Asia, Africa, and Latin America.

It is far better -- and cheaper even, in the medium term -- to fund strong U.S. country teams, military advisers, counterterrorism teams and development efforts than to let nations collapse, to let extremists take over, to lose allies, and see American NGOs and businesses unable to operate.

We need to see what new methods and investments can protect our people in the field and reduce the risks they should be taking. The answer may be special communications, intelligence system, helicopters and armored vehicles, emergency response teams and new career security personnel to replace contractors and foreign nationals.

What the answer is not is partisan blame, risk avoidance, punishing those who do take risks for the result, and failing to make the improvements in security for risk takers -- while building larger fortress embassies. If you want to honor the Americans lost in the line of duty, focus on the future and not the past.

The opinions expressed in this commentary are solely those of Anthony Cordesman

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Police advice to Punggol East voters on Polling Day

SINGAPORE: Voters in the Punggol East by-election are advised to take public transport or where possible, walk to their polling stations on 26 January.

Parking is not allowed within the premises of the polling stations located in places such as schools.

For polling stations located under HDB void decks, the parking lots immediately fronting the polling stations will be closed to facilitate the polling activities.

There will be special drop-off points at each polling station for vehicles conveying sick, infirm or disabled persons.

Security checks will be carried out on bags and large items brought into the polling stations.

Voters are advised not to bring along large bags and to leave the voting stations after casting their votes.

The police have also advised members of the public not to loiter around the vicinity of the polling stations.

- CNA/ck

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Gergen: Speech deepens divisions

STORY HIGHLIGHTS

• David Gergen says historians will look on Obama's speech as an important source


• Obama seemed liberated to express his philosophy of government, he says


• Gergen says the president stressed equality in the tradition of Lincoln, King


• He says GOP is bristling at the speech, and it will likely deepen divisions in Washington

Editor's note: David Gergen is a senior political analyst for CNN and has been an adviser to four presidents. A graduate of Harvard Law School, he is a professor of public service and director of the Center for Public Leadership at Harvard University's Kennedy School of Government. Follow him on Twitter.

(CNN) -- Years from now, historians are likely to look back upon Barack Obama's second inaugural address as a rich treasure trove for understanding his presidency and possibly the course of American politics.

It wasn't as important for his rise to power as his 2004 address to the Democratic National Convention. That one propelled him onto the national stage. It wasn't as elegant as his Philadelphia speech on race relations in the 2008 campaign. That one was his rhetorical masterpiece. But the second inaugural was far more important than either in defining his political philosophy as president.

Politics: After inauguration, political reality returns to Washington

Here's a first rough draft of what historians may find significant:

David Gergen

Obama revealed: The Obama who took the oath of office this week seemed not only more confident but also liberated. A central point of his address was that he inherited an economic crisis and two wars but now the nation is emerging into a clearing. This, he believes, is a golden opportunity for fresh action -- a moment to be seized.

Left unspoken were two other reasons why he feels liberated: He clearly thinks he has shown the country that Republicans aren't willing to compromise, so that he has no choice but to try to muscle them.

The GOP has now blinked twice on the fiscal cliff and the new debt ceiling; he plans to make them keep blinking. Then, too, Obama is also freed up because he is no longer working under the shadow of the 2010 midterm elections when he was snookered. After his convincing win in 2012, he is back on top politically.

Opinion: Obama's ringing defense of liberalism

All of this has inspired the president to reveal to the world his true political philosophy: In one speech, he gave the strongest embrace of 20th-century liberalism since Lyndon Johnson and the Great Society. Yes, he gave a couple of bows to the importance of individual initiative and private enterprise, but the heart and soul of the address was a call to collective action on a wide array of fronts.

Gone were the third way of Bill Clinton and the centrism of Jimmy Carter. He emerged as an unapologetic, unabashed liberal -- just what the left has long wanted him to be and exactly what the right has feared.

Heir to Lincoln and King: A little more than three decades ago, Ronald Reagan moved the inaugural ceremony from the east side of the Capitol to the west. For Reagan, the symbolism was that of a Californian who wanted to give his inaugural address gazing out across the National Mall, the monuments and Arlington Cemetery toward the Pacific. But for Obama, the symbolism was very different: He was the president who looked west toward the monuments of Abraham Lincoln and the Rev. Martin Luther King Jr. and his address artfully tied him to their legacy.

The historian Garry Wills won a Pulitzer Prize some years ago with his book on Lincoln's Gettysburg Address in 1863. Wills argued that for most of America's early history, people thought that the republic was born with the Constitution of 1787 and the Declaration of Independence was a secondary document.

Opinion: Anti-government era is over

Along came Lincoln at Gettysburg saying that the country was born "four score and seven years ago" -- in 1776 with the declaration. In Wills' view, now widely accepted, Lincoln at Gettysburg turned the declaration's second paragraph into the founding creed of the country. What we must aspire to, Lincoln was saying, was to ensure that all are created equal.

King came to the Lincoln Memorial 100 years later -- in 1963 -- to go back to Lincoln at Gettysburg and through him to the declaration. The nation, King said, must live up to the promise of equal opportunity -- and indeed, that was the dream he so eloquently expressed in the finest American speech since Gettysburg.

Enter Obama at his second inaugural, not only on King's official holiday but 50 years after "I Have a Dream" and 150 years after Gettysburg. The president's address begins with a recitation of the declaration, calls it our "founding creed" and makes the aspiration of equal opportunity the central goal of his presidency.

In the past, presidents at inaugurations have found the nation's heroes among those who have died in battle. Obama chose a different path: He found the nation's heroes at Seneca Falls, Selma and Stonewall. His philosophy, as we learned, is not just about government programs but about embracing inclusion and diversity. It was, I believe, his firmest attempt to build upon Lincoln and King -- and in effect, his address made him their modern heir.

Opinion: GOP, play offense in Obama's second term

Setting a new course: A president's inaugural address often sets the tone and direction of his next four years in office and nowhere may that be more true than with Obama's second. His assertive address has heartened his supporters so that they seem ready to march into battle with him. They not only want him to succeed, but they now have an ambitious agenda to embrace as well.

Smartly, the president's team began putting together a new citizens group, Organizing for Action, just before the inauguration, and his speech was in effect a call to arms. Whether "OFA", as Democrats in Washington already call it, will work well with the Democratic Party is open to question, but it is clear that Obama & Co. intend to use it as an important way to rally public pressure on Congress for his agenda.

Gone were the third way of Bill Clinton and the centrism of Jimmy Carter. He emerged as an unapologetic, unabashed liberal. ...
David Gergen

On the other side of the aisle, many Republicans such as Eric Cantor were respectful of the president after his address but underneath most of them were bristling. They had expected the president to issue a ritualistic plea for bipartisanship and then to begin negotiating with them over federal deficits.

Instead, he made it clear that he will work with them as long as they agree with him and try to run over them if they resist. From the GOP perspective, Obama was virtually dismissive of the nation's fiscal threats and wasn't interested in true negotiations. In a tweet after the speech, scholar Ian Bremmer captured their view of Obama's message to the GOP: "Together, we shall pursue my objectives."

Opinion: World to Obama -- You can't ignore us

In short, the divisions in Washington may grow even deeper in the near term, if that is possible, and no one knows what will actually be accomplished. Among partisans on both sides, there is still a sense that a piece of gun control can be passed (starting with background checks) and perhaps a larger piece of immigration (starting with H-1B visas and legal status for the undocumented). But serious action on climate change seems distant.

More centrally, the parties seem even further apart on a budget agreement. The GOP is in no mood to revisit higher taxes and the president's address gave a ringing endorsement to the basic structure of Medicare, Medicaid and Social Security. In short, the road ahead looks even rockier than it seemed after the elections.

On the day before the inaugural, a New York Times article by Jodi Kantor reported that after the first term, Obama has warned possible candidates for his job that it is very difficult to get things done in Washington and that the president has a "contracted sense of possibility." He and his team are also aware that power seeps away quickly in a second term.

How, one wondered, is it possible to reconcile those views with Obama's decision to go big at the inaugural, pushing an extraordinarily ambitious agenda.

That question still lingers after the inauguration. It is just possible that what he was ultimately doing in his address was to present the country with a liberal vision of the future and a legislative agenda to go with it -- something akin to what Franklin Roosevelt did in 1944. FDR left behind a Democratic Party with a majority coalition and an agenda that drove American politics for more than 20 years.

Is that the legacy that Obama really wants to leave? Lincoln, King, FDR -- all rolled into one? Only historians will know the answer for sure.

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of David Gergen.

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Romney to be honored Friday at D.C. luncheon

Mitt Romney will make it to Washington, D.C. for inauguration week after all.

The 2012 GOP presidential nominee and his wife Ann are scheduled to attend a luncheon in their honor Friday at Washington's J.W. Marriott hotel, National Journal reported this afternoon. The reception will be hosted by two of Romney's biggest campaign fundraisers: Virginia philanthropist Catherine Reynolds and hotel tycoon Bill Marriott, Jr.

Romney, a longtime friend to the Marriott family, serves on Marriott International's board of directors. While on the trail, he and his traveling staff stayed almost exclusively at Marriott hotels.

Having opted to spend Inauguration Day at his home in La Jolla, Calif., on Monday, Romney became the first presidential nominee since Michael Dukakis in 1989 to not attend the ceremonial event. But he's made at least one appearance in the nation's capital since the election: Several weeks following his loss, he enjoyed a lunch of white turkey chili with President Obama at the White House.

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Pentagon to Allow Women in Combat

Defense Secretary Leon Panetta will lift a longstanding ban on women serving in combat, according to senior defense officials.

The services have until this May to come up with a plan to implement the change, according to a Defense Department official.

That means the changes could come into effect as early as May, though the services will have until January 2016 to complete the implementation of the changes.

"We certainly want to see this executed responsibly but in a reasonable time frame, so I would hope that this doesn't get dragged out," said former Marine Capt. Zoe Bedell, who joined a recent lawsuit aimed at getting women on the battlefield.

The military services also will have until January 2016 to seek waivers for certain jobs -- but those waivers will require a personal approval from the secretary of defense and will have to be based on rationales other than the direct combat exclusion rule.

The move to allow women in combat, first reported by the Associated Press, was not expected this week, although there has been a concerted effort by the Obama administration to further open up the armed forces to women.

The Joint Chiefs of Staff unanimously recommended in January to Secretary Panetta that the direct combat exclusion rule should be lifted.

"I can confirm media reports that the secretary and the chairman are expected to announce the lifting of the direct combat exclusion rule for women in the military," said a senior Defense Department official. "This policy change will initiate a process whereby the services will develop plans to implement this decision, which was made by the secretary of defense upon the recommendation of the Joint Chiefs of Staff."

Chairman of the Joint Chiefs Gen. Martin Dempsey sent Panetta a memo earlier this month entitled, "Women in Service Implementation Plan."

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"The time has come to rescind the direct combat exclusion rule for women and to eliminate all unnecessary gender-based barriers to service," the memo read.

"To implement these initiatives successfully and without sacrificing our warfighting capability or the trust of the American people, we will need time to get it right," he said in the memo, referring to the 2016 horizon.

Women have been officially prohibited from serving in combat since a 1994 rule that barred them from serving in ground combat units. That does not mean they have been immune from danger or from combat.

As Martha Raddatz reported in 2009, women have served in support positions on and off the frontlines in Iraq and Afghanistan, where war is waged on street corners and in markets, putting them at equal risk. Hundreds of thousands of women deployed with the military to those two war zones over the past decade. Hundreds have died.

READ MORE: Female Warriors Engage in Combat in Iraq, Afghanistan

"The reality of the battlefield has changed really since the Vietnam era to where it is today," said Rep. Tammy Duckworth, D-Ill., a former military helicopter pilot who lost both her legs in combat. "Those distinctions on what is combat and what is not really are falling aside. So I think that after having seen women, men, folks who -- cooks, clerks, truck drivers -- serve in combat conditions, the reality is women are already in combat."

Woman have been able to fly combat sorties since 1993. In 2010, the Navy allowed them on submarines. But lifting restrictions on service in frontline ground combat units will break a key barrier in the military.

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Panetta's decision will set a January 2016 deadline for the military service branches to argue that there are military roles that should remain closed to women.

In February 2012 the Defense Department opened up 14,500 positions to women that had previously been limited to men and lifted a rule that prohibited women from living with combat units.

Panetta also directed the services to examine ways to open more combat roles to women.

However, the ban on direct combat positions has remained in place.

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