One of the most pressing issues he will have to face is negotiating a deal to raise the debt ceiling and a pass a budget. Senate budget committee member, Wisconsin republican Senator Ron Johnson, says the future of a budget deal rests on the shoulders of bipartisanship.
"You know it takes two to tango," the first-term senator said. "You actually do need the other side to come to the table in good faith and negotiate with you. These are very serious problems facing our nation; we need the American people's support to start putting pressure on the democrats to pass a budget in the senate, and for president Obama to show the people what the other 96 percent of his approach is with deficit reduction."
If a deal is not struck, the U.S. Treasury will run out of money and will default on its bills in mid-February.