Politics

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A crowd wait on Cathedral square to hear President-elect Francois Hollande's speech in Tulle. (AP Photo/Lionel Cironneau)

Supporters of Socialist Party candidate for the presidential election Francois Hollande celebrate with champagne after the first results of the second round of French presidential elections outside Socialist Party campaign headquarters in Paris. (AP Photo/Francois Mori)

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President-elect Francois Hollande delivers his speech after his election in Tulle. (AP Photo/Christophe Ena)

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Supporters of president-elect Francois Hollande celebrate after socialist Francois Hollande defeated conservative incumbent Nicolas Sarkozy on Sunday to become France's next president. (AP Photo/Laurent Cipriani)

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Supporters of Socialist Party candidate for the presidential election Francois Hollande celebrate with champagne after Hollande won the election. (AP Photo/Francois Mori)

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Supporters of Socialist Party candidate for the presidential election Francois Hollande react after the final results show that Hollande won the election. (AP Photo/Remy de la Mauviniere)

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President-elect Francois Hollande holds a bouquet of roses after delivering his speech in Tulle. Francois Hollande defeated Sarkozy on Sunday to become France's next president, Sarkozy conceded defeat minutes after the polls closed. (AP Photo/Christophe Ena)

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Outgoing French President Nicolas Sarkozy waves from his car as he leaves after addressing supporters at his Union for a Popular Movement (UMP) party headquarters after the the preliminary results of the second round of the presidential elections were announced. (AP Photo/Thibault Camus)

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A supporter of outgoing French President Nicolas Sarkozy's Union for a Popular Movement (UMP) covers her face as the preliminary results of the second round of the presidential elections were announced at UMP headquarters in Paris. (AP Photo/Jacques Brinon)

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Supporters of outgoing French President Nicolas Sarkozy's Union for a Popular Movement (UMP) with a T-shirt reading "Youth for Sarkozy". (AP Photo/Michel Euler)

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President-elect Francois Hollande waves after delivering his speech in Tulle, central France, Sunday, May 6, 2012. Francois Hollande defeated Nicolas Sarkozy on Sunday to become France's next president. (AP Photo/Bob Edme)

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U.S. Rep. Ron Paul speaks at The Tea Party Express rally at the Capitol in Austin, Texas, on Sunday May 6, 2012. Thousands attended the event, which included speeches by Paul and U.S. Senate candidate Ted Cruz. (AP Photo/Austin American-Statesman, Jay Janner)

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Republican presidential candidate and former Massachusetts Gov. Mitt Romney holds a towel next to his, wife Ann, before an NBA first-round playoff series basketball game between the Boston Celtics and the Atlanta Hawks in Boston, Sunday, May 6, 2012. (AP Photo/Michael Dwyer)

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Supporters of Mr. Hollande celebrate with champagne after results of the second round of the French presidential election were announced Sunday. The party outside Socialist Party headquarters in Paris. "Austerity can no longer be inevitable," Mr. Hollande declared in his victory speech Sunday night, referring to Mr. Sarkozy's push for belt-tightening to fight persistent unemployment and rising national debt. (Associated Press)

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Outgoing French President Nicolas Sarkozy leaves after addressing supporters at his Union for a Popular Movement party headquarters after conceding defeat Sunday to Socialist Francois Hollande. (Associated Press)

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"I am proud to have been capable of giving people hope again," President-elect Francois Hollande told huge crowds of supporters Sunday in his home area of Tulle in central France, before heading to Paris. "We will succeed." (Associated Press)

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A demonstrator holds up a portrait to make fun of German Chancellor Angela Merkel, now-defeated French President Nicolas Sarkozy (center) and Spanish Employers Organization President Juan Rosell during a May Day protest Tuesday in Pamplona against the Spanish government's tough new labor reforms and cutbacks. (Associated Press)

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Thousands protest labor reform at Puerta del Sol square in Madrid during a general strike day in March. Spanish unions, angry over economic reforms, called the strike to challenge a conservative government that was not yet 100 days old. The action coincided with other troubled European workers in venting their frustration on the street. (Associated Press)

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German Chancellor Angela Merkel and Chinese Prime Minister Wen Jiabao acknowledge a welcome during an April visit to the Volkswagen headquarters in Wolfsburg, Germany. The automaker will build a factory in China's far west. (Associated Press)

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"This is a major action-forcing event. I'm not saying there will be a grand bargain during the lame-duck session but I would certainly hope that we reach some way to sort-of structure [or] at the very least create a process in which a credible balanced deficit reduction plan can be reached." - Rep. Chris Van Hollen of Maryland, top Democrat on the House Budget Committee. (Associated Press)