United States President Barack Obama will speak about the so-called “fiscal cliff” for the first time on Friday since his re-election Tuesday.

Obama will make a statement around 1 p.m. from the White House’s East Room and is expected to announce actions he will say are necessary to balance the books and get the economy going.  He is also expected to call for more taxes on the wealthy in order to reduce America’s more than $16 trillion federal debt.

The President has been hoping that Republicans will be more keen to working with him during his second term.

House Speaker John Boehner on Friday said there is a lot of work the Republican Party need to do. Giving the President the leverage, Boehner called on Obama to take the lead and offer up a solution to averting another recession.

"This is an opportunity for the president to lead," Boehner said Friday morning, prior to Obama's big speech. "This is his moment to engage the Congress and work towards a solution that can pass both chambers."

Boehner, who admitted to speaking with the President earlier, said Congress is "ready to be led" and that he wants to reform the tax code. He also suggested looking for changes to loopholes and deductions, according to Market Watch.