Nov. 6, 2010— -- Four days after midterm elections that saw a seismic shift in political power in Washington, tea party-backed Senator-elect Marco Rubio of Florida drew a line in the sand against the Obama administration, saying that Republicans must stick to their principles.
In a radio address this morning, Rubio warned against what he calls the "path to ruin" that he has seen over the last two years, which he said will lead to a "Greece-like day of reckoning" for the country.
Rubio warned of what he and other Republicans say is the Democrats' wasteful spending, the country's growing debt and a government reaching ever further into citizen's lives -- all problems that he and the Republicans say they will work to solve.
"This means preventing a massive tax increase scheduled to hit every American taxpayer at the end of the year," Rubio said. "It means repealing and replacing the disastrous health care bill. It means simplifying our tax code, and tackling a debt that is pushing us to the brink."
Meanwhile in his weekly radio address this morning, President Obama reaffirmed that he will not compromise on tax cuts for the richest Americans. Attempting to find common ground with Republicans, Obama reiterated his stance on letting the cuts expire for all but the wealthiest Americans.
"The campaign season is over," Obama said. "And it's time to focus on our shared responsibilities and work together."
"All of us want certainty for middle-class Americans, he added. "None of us want them to wake up on Jan. 1 with a higher tax bill. That's why I believe we should permanently extend the Bush tax cuts for all families making less than $250,000 a year. That's 98 percent of the American people.
"I want to make my priorities clear from the start," he said. "One, middle class families need permanent tax relief and two, I believe we can't afford to borrow and spend another $700 billion on permanent tax cuts for millionaires and billionaires."
Though Obama is licking his wounds after Tuesday's stinging midterm results, he has invited Republican and Democratic congressional leaders to meet with him on the economy and jobs after he returns from his 10-day trip to Asia.
Republicans, however, don't appear to be budging. In an interview with "World News" anchor Diane Sawyer, presumptive Speaker of the House John Boehner, R-Ohio, said he feels voters let politicians know how they feel about the tax cuts at the polls earlier this week.
"I think what's best for the economy and to create jobs is to extend all of the current tax rates -- for all Americans. It -- it begins to reduce the uncertainty," Boehner said.
While there is talk of compromise to stimulate the economy from the Obama administration, including a suggestion of a one- or two-year extension of all the tax cuts, Democrats and Republicans ultimately have a number of opposing plans.
Experts say the Democrats can be expected to propose more stimulus, approximately half a billion dollars for infrastructure projects and more spending for clean energy jobs.
Republicans are expected to mount an effort to cut regulations and create measures to give corporations tax breaks.
Peter Morici, economist at the University of Maryland, said Republicans aren't focusing on the full picture of the struggling economy.
"The electorate really wants its cake and to eat it too," Morici said. "And that's the Republican conundrum. Their proposals, the Pledge to America, cut taxes, cut regulation -- do you really think that's going to solve the problems of the banks?"