Obama Touts Deal on Tax Cuts, Unemployment Benefits

President Barack Obama announced a compromise tax package Monday evening, but it is still unclear if it will pass both lame-duck chambers of Congress.

Democrats and Republicans each gave up something in the deal, which looks like this:

-- Bush-era tax cuts extended for two years for all income levels.

-- Unemployment benefits extended for 13 months.

-- A 2 percent employee payroll tax cut in 2011.

-- Businesses may write off investments in 2011.

-- The estate tax, or "death tax" held at 35 percent, above $5 million.

Obama stated the need for compromise from both parties, and warned Democrats and Republicans not to "play politics" with the deal.

"It's not perfect, but this compromise is an essential step on the road to recovery. We cannot allow this moment to pass. These are not abstract fights for the people that are impacted. Two million people will lose their unemployment benefits at the end of the month if we don't get this done," Obama said.