Now aside from being re-elected to this position Thune took Wednesday to speak about the impending fiscal cliff. As it stands, if Congress and President Obama do not reach an agreement by January 1st, taxes would automatically go up and deep spending cuts would go into effect.

Thune says he supports extending current tax cuts for the short-term, but says major reform needs to take place in the long-term.

Thune says, "We need to reform our tax code, it's got way too many loopholes, way too many deductions, way too many preferences that the special interests have carved out over the years. And so coming up with a tax code that's more simple, more fair, that broadens the tax base and lowers rates really will drive economic growth."

President Obama addressed the fiscal cliff at the opening of a press conference Wednesday at the White House. The president says the US economy "can't afford" a tax increase on all Americans. But he went on to say he won't extend current tax rates for the wealthiest taxpayers.

-Zach Nugest