BREAKING: Tax Cut Deal Brokered? UPDATE: Obama Angrily Endorses Compromise, Right and Left Displeased

President Obama and congressional Republicans have reached a tentative deal to extend the Bush tax cuts for all income levels

and are presenting the proposal to congressional Democrats Monday afternoon, The Daily Caller has learned.

The deal will extend the current tax levels for two more years, preventing taxes from going up on any income levels, despite the wishes of many liberal Democrats — including Obama — that individuals making more than $200,000 a year and families with more than $250,000 a year in income see their rates go up.

In exchange, Republicans have agreed to extend unemployment insurance benefits

for an additional 13 months.

Other details include a temporary two percent reduction in payroll taxes

to replace Obama’s “Making Work Pay” tax credit from the 2009 stimulus bill, and a compromise on the estate tax, which will be set for two years at 35 percent, with a $5 million exemption amount.

The White House's apparent willingness to give in to the GOP on the tax cut issue - despite Democrats' large majorities in both houses of Congress (at least for a few more weeks) - is striking many on the left as emblematic of a president who they say has repeatedly failed to fight for what he believes in.

Liberal New York Times columnist Frank Rich this weekend explained "the baffling Obama presidency" in part by arguing that Mr. Obama "has seemingly surrendered his once-considerable abilities to act, decide or think." The president's attempts to seek out compromise instead of holding fast to a position, he wrote, has rendered him "indistinct" and "weightless."