Excuse President Obama if he's still basking in his post-election victory glow.

Bloomberg reports that Obama believes his re-election should give him enough political clout to force Repbulicans to accept higher taxes on the wealthy. One observer said Republicans were stunned by the president's forcefulness and said Democratics were gleeful that he was "playing hardball."

With both sides digging in, it will become a risky political staring contest as the country edges closer to the fiscal cliff.

Read the entire story on Bloomberg.com.