The bill would cap contributions at $5,000 per donor, require nonprofit campaign contributors to identify their donors and make it a crime to deliberately obscure sources of campaign money.
The specifics remain to be finalized but could include income tax cuts for individuals, small businesses or corporations.
Interviews with more than a dozen Republicans at all levels of the party indicated that postelection soul-searching must quickly turn into a period of action.
Many Democrats in Congress are digging in their heels when it comes to discussing cuts to Medicare, Medicaid and Social Security.
U.S. Sen. Roy Blunt is the vice chairman of the chamber's Republican conference, which is the fifth-most senior position in the caucus.
Democrat Jason Kander defeated Republican Shane Schoeller last week in the race to succeed Robin Carnahan.
A package of tax increases and spending cuts, known as the "fiscal cliff," would take effect in January unless Congress passes a new budget deal before then.
A special House committee on government contracting scheduled a hearing Tuesday on fee offices.
Missouri voters tried to get a new person in the White House, but every other decision at the polls resulted in the status quo maintaining power.
President Barack Obama had already clinched re-election and now has 332 electoral votes to Mitt Romney's 206.
The estimated cost of this year's election will likely top $6 billion, according to the Center for Responsive Politics, a $700 million increase over the previous high.
Congress will look at the tax and spending changes next week, which would cut the federal deficit by $503 billion but cause a spike in unemployment.
The Missouri Chamber of Commerce and Industry said 99 of the 103 candidates endorsed by its political action committee won election Tuesday to the state House and Senate.
According to Secretary of State Robin Carnahan's office, 2.7 million Missouri residents voted in the general election.
In the hours after the election Republicans and Democratic leaders said they are willing to steer toward compromise, as messy as it might be.
An exit poll by The Associated Press found that a majority of Missouri voters said U.S. Rep. Todd Akin's comments about rape factored into their vote. Women were slightly more likely to admit to their consideration of the comment when making a voting decision.
MU freshman Adam Olson made up his mind shortly after the first presidential debate on Oct. 3 because he preferred Obama's education plan to Romney's, he said.
Ron Leone, head of the Missouri Petroleum Marketers and Convenience Store Association, said the tax increase would cost Missouri its competitive advantage in the cigarette market.
Republican newcomer Caleb Rowden defeats veteran politician Ken Jacob in the area's closest House race.
The presidential race and a proposed increase in Missouri's tobacco tax were top of mind for many.