The post-election political landscape leaves President Obama working with a Democratic Senate and Republican House for at least two more years. With little time left, they must address expiring tax provisions, automatic spending cuts, and reaching the debt ceiling. Expiring tax cuts and provisions at the end of 2012 could significantly raise income tax rates and reduce many tax breaks unless extended. Automatic spending cuts are set to begin in 2013 to reduce the deficit, but they apply broadly across all programs. The debt ceiling will likely be reached before the end of the year as well, requiring Congress to allow more government borrowing.