Huge automatic budget cuts are set to go into effect if Congress does not come up with a plan to reduce the federal deficit by December 31, 2012. Less than 24 hours after President Barack Obama was re-elected, Republican House Speaker John Boehner (OH) said he was willing to accept a budget deal — but not one that raised taxes on the wealthiest Americans.

Grayson insisted Democrats should not accept any budget deal that lowers taxes for the wealthy or cuts Social Security, Medicare and Medicaid.