UNDATED (CBS) -- The parties are over and now it's back to work in Washington DC. The House is preparing to vote Wednesday to raise the nation's debt limit for three months. It's a move the president has been pushing for.
They've had their dance and taken a moment to savor the scene, but now it's time to get back to work. In his inaugural speech, the president called on both parties not to let politics get in the way of governing. He said, "We must act knowing that our work will be imperfect. We must act, knowing that today's victories will be only partial."
So Republicans are offering a compromise on the debt ceiling. House GOP members are backing off a requirement to cut one dollar of spending for every dollar the debt ceiling is raised. It's a move the president has demanded. Sen. John Thune of South Dakota says, "I do believe it is a recognition of political reality, I mean we realize the president won the election."
But republicans on Capitol Hill are not voting to raise the debt ceiling without getting something in return. They say in order for them to approve a higher debt limit, they want senate democrats to do something they haven't done in four years: pass a budget. Thune says, "For us to have a debate about spending and debt we've got to have a focus on the budget to achieve a balanced budget over time."
Senate Democrats view a budget vote as an opportunity to raise more money through taxes. Sen. Charles Schumer of New York said on Meet The Press, "It's going to be a great opportunity for us. Because in our budget, that we will pass, we will have tax reform, which many of my Republican colleagues like, but it's going to include revenues."
The House is expected to approve the debt limit increase tomorrow. One other provision of the debt limit vote if either chamber of congress fails to pass a budget, then the members of that chamber will not get paid until they either pass a budget or until the 113th Congress expires at the end of 2014.