In addition to the tax cuts, the lame duck Congress also has to consider expiring cuts in the estate tax.

If Congress fails to act, all the cuts will expire at the end of the year. Obama considers such a move a roughly $700 billion budget-busting mistake, but recently suggested he's willing to compromise. Republicans contend that failure to extend the cuts for everyone would be a mistake in a weak economy. Obama may weigh in more on Thursday, when he is scheduled to meet with the bipartisan congressional leadership at the White House.ДЄt the top of the agenda: whether to extend the Bush tax cuts for families making more than $250,000. Obama responded with a statement welcoming McConnell's 'decision to join me and members of both parties who support cracking down on wasteful earmark spending, which we can't afford during these tough economic times.'Д«ut, the president added, 'we can't stop with earmarks as they represent only part of the problem.' The 'only way we will be able to turn the corner and save our future is if elected leaders like me make the kinds of difficult decisions voters are clearly asking us to make.' 'I'm not wild about turning over more spending authority to the executive branch, but I have come to share the view of most Americans that our nation is at a crossroads,' McConnell said on the Senate floor. Senate Minority Leader Mitch McConnell, R-Kentucky, a longtime defender of earmarks, announced Monday that he intends to vote for the ban when the GOP Senate caucus meets Tuesday. The idea of prohibiting members from designating funding for specific projects in their states or districts is popular with reform-minded deficit hawks but opposed by congressional veterans trying to steer funds to constituencies back home. GOP senators face a tough vote Tuesday on whether to ban earmarks, a policy House Republicans already have in place and are expected to keep in the new Congress. Heath Shuler, a more conservative Democrat, appears ready to challenge Pelosi if she doesn't step down. Jim Clyburn in the leadership.Д«ut North Carolina Rep. Democrats appear ready to tap current House Speaker Nancy Pelosi of California as the new minority leader, while also keeping Maryland Rep. Eric Cantor as speaker and majority leader, respectively. Republicans are expected to tap Ohio Rep. One of the first challenges for the House is the selection of its new leadership. Coons will serve the final four years of Biden's term. Manchin was elected to fill the final two years of the late Sen. Senate Democrats will have a smaller 53 to 47 majority next year. Coons and Manchin are both Democrats their addition to the Senate did not change the chamber's 59-41 Democratic edge for the lame duck session.

In the Senate, two new members - Delaware's Chris Coons and West Virginia's Joe Manchin - were sworn in by Vice President Joe Biden. Newly elected House members, meanwhile, were given a daylong orientation on the rules and procedures governing life on Capitol Hill. Washington (CNN) - The so-called 'lame duck' session of the Democratic Congress convened Monday, with members preparing to make decisions on a host of contentious issues that could have major political ramifications for both President Barack Obama and the incoming Republican House majority.

Newly elected House members reiterate their intention to push for smaller government.

Senate Minority Leader Mitch McConnell announces his intention to back an earmark ban.

Congress must tackle multiple controversial issues before the end of the year.

The lame duck session of Congress began Monday.

Lame duck session