It looks like the first showdown between the White House and the new Republican-majority House will occur over extending the Bush-era tax cuts. Obama has signaled openness to compromise. The president, who prefers to let tax cuts expire for those earning more than $250,000 a year, invited leaders form both parties for a dinner at the White House, with the tax cuts at the top of the agenda. He's expected to express willingness to extend all tax cuts for another year or two. "The president does not believe—and I think would not accept—permanently extending the upper-end tax cuts," said White House press secretary Robert Gibbs.