During his re-election speech on election night, President Obama said: "In the coming weeks and months, I am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together: reducing our deficit, reforming our tax code, fixing our immigration system, freeing ourselves from foreign oil.”
However, when President Obama tried to call Republican leaders House Speaker John Boehner and Senate Minority leader Mitch McConnell that night, he was told they were both asleep, reports the New York Times.
On Wednesday afternoon, House Speaker Boehner was awake and took President Obama's call in a brief exchange about the need for a budget compromise to avoid $700 billion in automatic tax increases and spending cuts that would go into effect at the end of the year, if no compromise is reached.
Later that day, House Speaker Boehner told reporters that he would be willing to raise taxes, but not on the top earners, and would agree to spending cuts in social programs.
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This was basically GOP presidential candidate Mitt Romney's economic plan, which had been rejected by 50 million Americans less than 24 hours earlier.