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Monday - 1/21/2013, 4:59pm  ET

The Army's Old Guard Fife and Drum Corps walks down Pennsylvania Avenue en route to the White House, Monday, Jan. 21, 2013, in Washington. Thousands marched during the 57th Presidential Inauguration parade after the ceremonial swearing-in of President Barack Obama. (AP Photo/Charlie Neibergall)

The Associated Press

A look at the issues that those who govern the country will face during Barack Obama's second term. Up now: taxes.


President Barack Obama says he wants to raise taxes on the wealthy even more in his second term. But he needed the threat of big automatic tax increases on just about everybody to finally persuade congressional Republicans to raise taxes on the wealthy the first time, just a few weeks ago.

This time around, Obama won't have the same kind of leverage he did during those negotiations to avoid the year-end fiscal cliff.

Republican leaders in Congress say they are done raising taxes. It's time to cut spending, say House Speaker John Boehner and Senate Republican leader Mitch McConnell.

The dispute sets up yet another potential showdown between Congress and the White House -- one that's expected to occur just weeks after Obama begins a second term.

--Stephen Ohlemacher -- Twitter


Inauguration Watch follows the events of President Barack Obama's second inaugural. Look for short items and photos throughout the day.

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