President Obama last night announced a “framework” for an agreement with Republican congressional leaders that would extend for two years Bush-era tax cuts for both the middle class and for wealthier Americans.

The tentative agreement, which also is expected to extend tax breaks on dividends and capital gains, would include a 2 percent employee payroll tax cut, a 13-month extension of unemployment benefits, and a federal estate tax of 35 percent for two years, with a $5 million asset limit. Senate Majority Leader Harry Reid (D-Nev.) is schedule to discuss the deal with his Democratic caucus today. Read more.