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Deal Struck On Tax Package

President Barack Obama reached agreement with Republican leaders in Congress on a broad tax package that would extend the Bush-era income tax cuts for two years, reduce worker payroll taxes for one year and give more favorable treatment to business investments.

President Barack Obama reached an agreement with Republican leaders in Congress on a broad tax package that would extend the Bush-era income tax cuts for two years, reduce worker payroll taxes for one year and give more favorable treatment to business investments.

Other elements of the deal include a temporary reinstatement of the estate tax at 35%—the level favored by most Republican lawmakers—as well as an extension of jobless benefits for the long-term unemployed.

"We have arrived at a framework for a bipartisan agreement,'' says Obama, capping weeks of negotiations with leaders in Congress.

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