President Obama is expected to announce shortly that he is close to a deal with congressional leaders to extend all the Bush-era tax cuts for two years, NBC News reported.
The deal is said to be "all but done," a source told NBC.
The broad outlines of the the agreement call for:
- Two-year extension of all Bush tax cuts
- A 13-month extension of unemployment benefits
- A two percentage point cut in the payroll tax for one year.
- An estate tax at 35 percent with a $5 million exemption, proposed by Republicans.