President Barack Obama unveiled a compromise deal to extend all Bush-era tax cuts for two years, according to Reuters.

In a move that has drawn criticism from some Democrats, Obama announced a framework agreement with Republicans that would renew the current tax rates for the middle class as well as for wealthier Americans. The tentative plan also calls for a 2 percentage point decrease in employee payroll tax rate and a 13-month extension of unemployment benefits.

“I have no doubt that everyone will find something in this compromise that they don’t like,” Obama said to reporters. “In fact, there are things in here that I don’t like, namely the extension of the tax cuts for the wealthiest Americans and the wealthiest estates.”

Extending the tax cuts for two years, as is the tentative plan, would cost $501 billion according to the Congressional Budget Office, which believes the cuts will boost the economy in the short term but be harmful in the long term.

In related news, Obama has met with a number of influential business leaders to develop policies and budget recommendations for the coming year, according to Bloomberg. The president has met with Michael Duke, CEO of Wal-Mart Stores Inc., Alan Lafley, former CEO of Procter and Gamble Co., Steven Reinemund, former chairman and CEO of PepsiCo Inc., and also former President Bill Clinton.