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(Excerpt from a client folio published by Morgan Stanley)

Senator Barack Obama’s electoral victory, complete with expanded majorities in the House and Senate, gives the Democrats control over the legislative and administrative processes for the first time since 1994. This has significant ramifications for the new Administration’s policies to deal with the economic crisis, as well as domestic priorities on taxes, health care, energy, the environment, labor relations, and trade.

Today, President-Elect Barack Obama will shift to presidential transition following many months of campaigning. He will have just 77 days to assemble a cabinet, set critical priorities, and prepare a federal budget (which must be submitted to congress by February). Though he has not discussed it publicly, these plans are well underway. The Obama team is actively discussing potential Cabinet selections and will soon begin vetting resumes for the estimated 7,800 presidential appointee jobs which must be filled – 1,177 require Senate confirmation – and finalizing a comprehensive blueprint which will guide the incoming president through the transition.

While it is certain that the Obama presidency will mark a stark contrast from the Bush years, what remains to be seen is how much external factors like the economic crisis will impact his first 100 days and beyond. The following examines what we are likely to see under an Obama administration on an array of pressing issues.
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