If he wins reelection, Obama may finally be able to dictate the terms of a bipartisan debt-reduction deal. And if he loses to Republican Mitt Romney, Obama could make sure that tax rates rise before he hands over the keys to the White House on Inauguration Day in late January.
Administration officials declined to say whether the veto threat will stand if Obama loses the election.
What is the ‘Fiscal Cliff'? - Edsplainer