With the election over, attention in Washington has turned to the nation's debt and deficit challenges — most immediately the looming fiscal cliff. That's the $600 billion worth of expiring tax breaks and automatic spending cuts that begin to take effect Jan. 1.
The president and the Congress agreed to those automatic measures to force themselves to find a more palatable compromise to rein in deficits. On Wednesday, there was an attempt to jumpstart that process.
In his victory speech Tuesday night in Chicago, President Obama signaled his desire to find a compromise. He said the priorities for his second term included deficit reduction. Eighteen hour later at the Capitol, House Speaker John Boehner, offered the president a tentative olive branch.
"Mr. President, the Republican majority here in the House stands ready to work with you, to do what's best for our country," Boehner said.
Last year Boehner's House Republicans steadfastly refused to raise taxes to reach the balanced deficit-reducing budget compromise sought by the president, one that included both tax increases and spending cuts. On Wednesday, Boehner suggested that had changed.
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