House Speaker John Boehner Offers Compromise for "New Revenue"

By Brett Stolpestad

President Barack Obama's reelection Wednesday may have sparked a new sense of urgency for congress to figure out a new budget deal for the United States, the New York Times reported.

House speaker John Boehner spoke Wednesday of a possible compromise, saying that Republicans in congress are willing to accept a new budget deal that would involve raising federal revenue, the New York Times reported.

Boehner said that the "new revenue" compromise is aimed at cutting the national debt and avoiding the "fiscal cliff" in January which would involve tax increases and spending cuts, the Washington Post reported.

Boehner also said that Wednesday's election results represented a plea from voters for party leadership to stop the stand-still and come to an agreement, the Washington Post reported. Republicans will be willing to except a "new revenue" deal under the right conditions for the purpose of forging a bipartisan agreement, Boehner said.

The conditions under which this deal will be made may include a tax code reform that closes loop holes, eliminates or reduces deductions, and lowers income tax, the New York Times reported.