John Boehner Welcomes Big Deficit Deal, Pledges to Work with President Obama

PHOTO: Speaker of the House John Boehner, R-Ohio, finishes a prepared statement to reporters about the elections and the unfinished business of Congress, at the Capitol in Washington, Nov. 7, 2012.
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A day after holding onto his speakership and the House Republican majority, John Boehner signaled openness today to the inclusion of new tax revenue in a legislative package to address the so-called "fiscal cliff" as long as proceeds are linked to entitlement reform and spending cuts.

But the speaker also indicated that he still prefers to wait until the next session of Congress to enact an all-encompassing solution.

"If there is a mandate in yesterday's results, it is a mandate for us to find a way to work together on solutions to the challenges we face together as a nation," said Boehner, R-Ohio. "We can't keep setting the bar that low. It's time we raised the bar."

The fiscal cliff, which includes a elements such as expiring tax cuts for the rich and middle class, $1 trillion in automatic cuts set to take effect next year, and a debt limit increase, remains the most daunting challenge for Congress during the lame duck session, which begins Nov. 13.

Check out full coverage of Election 2012 from ABC News.

Boehner said he hopes a bipartisan agreement would "signal to our economy, and to the world, that after years of punting on the major fiscal challenges we face, 2013 is going to be different."

"It would be an agreement that begins to pave the way for the long-term growth that is essential if we want to lift the cloud of debt hanging over our country," Boehner said. "It involves making real changes to the financial structure of entitlement programs, and reforming our tax code to curb special-interest loopholes and deductions. By working together and creating a fairer, simpler, cleaner tax code, we can give our country a stronger, healthier economy."

Fresh off his successful re-election bid, President Obama placed phone calls earlier Wednesday afternoon to congressional leaders on both sides of the aisle, including Boehner, to discuss the legislative agenda for the remainder of the year. Obama made similar phone calls to Senate Majority Leader Harry Reid, D-Nev., Senate Republican Leader Mitch McConnell, R-Ky., and House Democratic Leader Nancy Pelosi, D-Calif.

Read President Obama's Acceptance Speech from Tuesday Night

Boehner said he told the president that the Republican majority in the House "stands ready to work" with him "to do what's best" for the country. Still, the speaker was clear that new revenue must be a "byproduct of a growing economy," and he emphasized that "to garner Republican support for new revenues, the president must be willing to reduce spending and shore up the entitlement programs that are the primary drivers of our debt."

"We aren't seeking to impose our will on the president; we're asking him to make good on his 'balanced' approach," Boehner said. "A 'balanced' approach isn't balanced if it means higher tax rates on the small businesses that are key to getting our economy moving again and keeping it moving."

Beaming after Democrats added two members to their majority in the upper chamber last night, Reid urged Republicans to work with Democrats towards finding common ground as Congress prepares to address the conundrum of economic tasks looming during the lame duck session of Congress.

"The election's over and we have enormous challenges ahead of us right here and we have to sit down and go to work on it now," Reid told reporters in the Capitol at a news conference earlier this afternoon. "We need Republicans to help us. Compromise is not a dirty word. I'm willing to negotiate anytime on any issue."

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