Corker predicts two-year extension of all tax cuts

Obama has argued that extending the cuts for the upper tax brackets would hurt the economy more than help it, as well as add more to the already burgeoning deficit. 

No decisions have been made on how and when lawmakers will move forward. All tax cuts are set to expire at the end of the year. 

"Most Americans realize that we don't have a revenue problem, we have a spending problem, and we need to solve that debate first before we move on to other issues like tax policy, which programs are going to be cut and so on," Corker said.

Corker said he expects Republicans at some point to have "an opportunity to really peel back much of what's happened, if not repeal much of it."

"The fact is when you talk to insurance companies that are now dealing with the rules that the administration has put in place, they will tell you privately in a non-political setting, there is no possible way that this healthcare legislation can work as it's designed," he said. 

The next Congress will be a busy one and "I look forward to working with others to solve many of the problems that, candidly, were created during this Congress," he said.  

"And I'm actually excited, I'm excited about really focusing on this debt issue in a responsible and serious way. It's probably caused my adrenaline to flow more than anything I've worked on in the last couple of years."