But many Democrats revolted against the deal saying it would include a two-year extension of the Bush-era income tax for the wealthiest households.

Democrats wanted a higher estate tax and wanted to see the income-tax cuts extended only for individuals with incomes lover than $200,000, or couples with incomes lower than $250,000.

Leading Democrats were furious saying the agreement signals a retreat from Obama’s campaign promise to let the tax cuts for the wealthiest American expire.  They had pressed for the president to fight the issue down to time they expire.“One of the realities about President Obama is the degree to which he is a singular politician, a self-contained person who rose to power largely on the strength of his own intelligence, guile and self-confidence. He has always charted his own course — one that sometimes defied the safe, customary or approved path — relying on himself and his own instincts rather than on others,” wrote Dan Balz in Wednesday’s Washington Post.With the Republicans in the majority in Congress, and gridlock threatening to extend through the end of the year, Obama said he’s not willing to risk a tax increase on the middle class just to score partisan points.

“I’m not here to play games with the American people or the health of our economy,” Obama told reporters at a Tuesday news conference in the White House briefing room. 

It remains unclear, however, whether he can secure the votes to pass it.

The problem is that many, if not most members of his party for years have criticized the 2001 and 2003 Bush tax cuts as being slanted in favor of the wealthiest Americans.

The deal the president struck with Republicans will extend all of the Bush-era income-tax cuts, would extend unemployment benefits for 13 months, would set the revamped estate-tax rates that will raise to lift the exemption to 35 percent for estates valued at more than $5 million for singles and $10 million for couples, and would give a one-year payroll-tax-reduction, which amounts to a $120 billion tax cut.Several economists say the far-reaching package would actually add more than $900 billion to the deficit over the next two years, and it includes numerous other provisions, including extensions of smaller individual and business tax breaks that had been widely expected to lapse.Centrist Democrats and Republicans, however, have praised the bipartisan deal, saying it would end the long-brewing uncertainty over the cuts, which are set to expire at the end of this year.Under concessions from Republicans in the deal, Americans will see a continuation of college tuition and child tax credits and a new 2% cut in the payroll tax that will put up to $2,000 in every worker's pocket.

The bulk of the package is not offset by revenues or spending cuts elsewhere, presenting another obstacle to deficit-weary lawmakers battered in mid-term elections by voters concerned over spending and debt.“I think a ransom was paid and it was a very high price,” said Sen. Frank Lautenberg (D-N.J.), among the wealthiest members of Congress. “I don't give a damn about a tax cut. I'd rather have a strong country then to get a few bucks back on my taxes.”

Aside from the massive bipartisan tax-cut package, Congress also will try to attempt to pass two major items before the end of the year:  a $1.1 trillion bill to keep the government running and a nuclear arms treaty.These will be difficult to achieve before the end of next week, when the congressional leaders plan to recess for the holidays.

Senate Democrats are planning to put the 12 spending measures that fund the government into one giant bill, a different approach from their House counterparts and one that Republicans oppose.  Democrats also plan to bring the New START agreement to a vote, even though leading Republicans in the Senate do not want to tackle it before next year, and have said they will also oppose.