Three days after Tuesday's historic election, /*President Barack Obama*/ and his cabinet are reevaluating the administration's priorities.
The results from the election put the U.S. House of Representatives squarely in the hands of /*Republicans*/, and /*Democrats*/ also lost seats in the Senate.
One big question is what to do with the Bush tax cuts, which are set to expire in January.
The president is now hinting he would consider extending the cuts for everyone. He also believes he has a cabinet and staff that can work with Republicans.
"I think they are interested in bipartisan ideas, and so they are going to be integral in helping me to root out waste in government, make our agencies more efficient, and generate more ideas so that we can put the American people back to work," said the president.
"It would be foolish to expect that Republicans will be able to completely reverse the damage Democrats have done as long as a Democrat holds the veto pen. There's just no getting around it," said Senate Minority Leader Mitch McConnell (R-Ky.).
McConnell is sticking by his statement that he will work to keep the president from winning a second term.
As for the Bush tax cuts, a /*White House*/ spokesperson said the president will consider a compromise to extend the cuts for everyone for one or even two years.
In the past, the president has only talked about extending the cuts for those making less than $250,000 a year.