... a two-year continuation of the Earned Income Tax Credit, child tax credit and a credit for college costs.

Obama said, “I have no doubt that everyone will find something in this compromise that they don’t like. 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.”

But he noted that the extensions last only two years and added, “As for now, I believe this bipartisan plan is the right thing to do” for jobs, the middle class, business and the economy.

Industry seeks added provisions

Industry groups say they like the depreciation provision, the two-year R&D credit extension and the higher estate-tax threshold.

But they hold out hope that Congress will add other items that would help construction and engineering firms.

Steve Hall, the American Council of Engineering Companies’ vice president for government affairs, says his group would like to see a repeal of the requirement that firms file a 1099 form whenever they do at least $600 in business with any vendor.

ACEC also favors adding a provision to remove the volume cap for private-activity bonds that fund water projects. Hall says that would be a “low-cost way...to finance infrastructure projects and promote jobs and economic growth.”

But he notes, “I think the realization is, we’re not going to get everything we want in this package.”

Democratic leaders didn’t embrace the plan. House Speaker Nancy Pelosi (D-Calif.) praised the provisions that Democrats backed, such as cuts for the middle-class, and criticized the Republican-backed elements, such as the estate-tax provision.

Pelosi said, “We will continue discussions with the President and our caucus in the days ahead. Democratic priorities remain clear: to provide a tax cut for working families, to promote policies that produce jobs and economic growth, and to assist millions of our fellow Americans who have lost their jobs through no fault of their own.”

There was no initial comment from Senate Majority Leader Harry Reid (D-Nev.). Jim Manley, Reid’s top spokesman, said the senator planned to discuss the framework with his fellow Senate Democrats on Dec. 7.

Leading Republicans’ comments were on the positive side. Senate Minority Leader Mitch McConnell (R-Ky.) said, “Members of the Senate and House will review this bipartisan agreement, but I am optimistic that Democrats in Congress will show the same openness to preventing tax hikes the administration has already shown.”

Rep. Dave Camp (R-Mich.), who is expected to chair the Ways and Means Committee in the new Congress, said, “This framework will allow us to extend all current tax rates and give economic recovery and job creation a chance.”