NEW : The nation faces a `` fiscal cliff '' -- a combination of expiring tax cuts and required , across-the-board spending reductions set to occur at the end of the year absent a congressional deal to avert it . House Speaker John Boehner challenges Barack Obama on tax and entitlement reforms . NEW : Obama talks by phone with congressional leaders on moving forward . With re - election , Obama free from having to face voters again ; will that be to compromise ? Bill Clinton had said an Obama victory could be key to breaking the Washington logjam .
NEW : House Speaker John Boehner challenges Barack Obama on tax and entitlement reforms . NEW : Obama talks by phone with congressional leaders on moving forward . With re - election , Obama free from having to face voters again ; will that be to compromise ? Bill Clinton had said an Obama victory could be key to breaking the Washington logjam .