Both sides agree the best outcome would be a broad deal addressing the overall need for deficit reduction , including reforms to the tax system and entitlement programs such as Social Security , Medicare and Medicaid . President Barack Obama says his election victory shows America backs his plan . The president has said he will not seek a second term in office and is expected to announce that decision on Tuesday at the White House Rose Garden. While both sides signal a willingness to deal , differences on details remain . The nation faces tax hikes and steep spending cuts at the end of the year .
President Barack Obama says his election victory shows America backs his plan . The president has said he will not seek a second term in office and is expected to announce that decision on Tuesday at the White House Rose Garden. While both sides signal a willingness to deal , differences on details remain . The nation faces tax hikes and steep spending cuts at the end of the year .