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 set to start taking effect Jan. 1.
The president and 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 jump-start that process.
From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.
ROBERT SIEGEL, HOST:
And Robert Siegel. The confetti has fallen in Chicago, where President Obama celebrated a decisive reelection win early this morning. Now comes the hard work of preparing for a second term. Before flying back to Washington this evening, Mr. Obama acknowledged some of the big issues ahead.
Senate Minority Leader Mitch McConnell of Kentucky (left) and Senate Majority Leader Harry Reid of Nevada during their recent interview with CBS News' <em>60 Minutes</em>.
Shall we dance?
That's the key question for Congress now that another budget crisis is near. Senate Majority Leader Harry Reid, D-Nev, today said he's ready to do a little two-stepping with Republicans to twirl away from the edge of the so-called fiscal cliff.
"It's better to dance than to fight," the former amateur boxer told reporters at a press conference. "Everything doesn't have to be a fight."