WASHINGTON (AP) — Last week's elections are prompting multiple resets and course corrections.

A victorious President Barack Obama, a shell-shocked Republican Party and congressional leaders in both parties are undergoing strategy reboots — both with an eye to the future and to confront the more immediate problem of a looming budget crisis.

Without a deal by Jan. 1, the nation will go over a "fiscal cliff" of automatic tax increases and severe spending cuts that will affect nearly every American. Some economists say it also could trigger another recession.