(CNN) -- President Barack Obama returned to Washington on Wednesday and plunged into a newly energized political debate over how to shrink the chronic federal deficit and debt in the wake of his stronger-than-expected re-election victory. Tuesday's election results effectively preserved the political status quo, with Obama winning a second term and Republicans holding their majority in the U.S. House while Democrats keeping control of the Senate. The looming question was whether freedom from having to face the voters again would prompt Obama to push harder for a compromise that might anger core liberal supporters. At the same time, Republicans stung by their defeat in the presidential race and their inability to seize the Senate faced pressure from inside and outside the party to soften their fierce partisanship and adopt more moderate positions that might bring about agreement on tough issues.
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NEW: House Speaker John Boehner challenges Barack Obama on tax and entitlement reforms
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NEW: Obama talks by phone with congressional leaders on moving forward
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With re-election, Obama free from having to face voters again; will that lead to compromise?
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Bill Clinton had said an Obama win could be key to ending the Washington logjam
However, Boehner specifically opposed a core @placeholder tax proposal that was a major theme of his election campaign -- restoring higher tax rates from the 1990s on individuals who make more than $250,000.