President Obama acknowledges the reality of the huge Republican wins in November and not only endorses an extension of the Bush tax cuts but also approves the Republican move to cut payroll taxes by 2%. (And if you remember a payroll tax cut was what I endorsed years ago.)
This is a promising start but Republicans have to remember that they will be judged primarily on two things: deficit reduction and economic performance. If they can't deliver substantial deficit reduction then the next election will be another round of getting rid of incumbent politicians.