Niagara Gazette — Reid said he spoke with Republican House Speaker John Boehner as well as Obama Tuesday night as the election results became known, and he declared that "of course" a compromise was possible on the overall issue.
"I'm not going to draw a line in the sand. He's not going to draw a line in the sand, I don't believe," Reid said of Boehner.
The speaker set a conference call with his Republican rank and file for mid-afternoon.
He said in pre-election interviews he would not agree to raise taxes on small business owners, a formulation Republicans often use in opposing the president's position on the issue.
Barring legislation by year's end, taxes are on course to rise by more than $500 billion in 2013, and spending is to be cut by an additional $130 billion or so, totals that would increase over a decade. The blend is designed to rein in the federal debt, but officials in both parties warn it poses a grave threat to an economic recovery that has been halting at best.
Obama and congressional leaders in both parties say they want an alternative, but serious compromise talks were non-existent during the fierce campaign season.
That ended Tuesday in an election in which more than 119 million votes were cast, mostly without controversy despite dire predictions of politically charged recounts and lawsuits while the presidency hung in the balance.
Obama won the popular vote narrowly, the electoral vote comfortably, and the battleground states where the campaign was principally waged in a landslide.
The president carried seven of the nine states where he, Romney and their allies spent nearly $1 billion on television commercials, winning Ohio, Wisconsin, Iowa, New Hampshire, Nevada, Colorado and Virginia.
The Republican challenger won North Carolina, and Florida remained too close to call