Obama to sell tax deal at press conference

President Obama on Tuesday will go before the press for the second day in a row to sell the tax-cut deal he brokered with Republicans amid talk that Democrats could walk away from the proposal.

The president will hold a press conference at 2:20 p.m. in the White House briefing room, the administration announced Tuesday afternoon.

Obama's decision signals his desire to head off a rebellion from his own party after Democrats in the House and Senate balked at the deal, which includes a two-year extension of all the Bush-era tax cuts in exchange for a 13-month renewal of unemployment benefits. 

The president's press availability comes after Vice President Joe Biden went to Capitol Hill to sell skeptical Senate Democrats on the proposal.

Democrats have argued that re-authorizing the cuts for the highest income earners would blow a $700 billion hole in the already large federal budget deficit and would fail to create jobs. Liberal activists have also accused Obama of capitulating to Republicans on another big-ticket legislative item. 

Republicans have quietly applauded the deal, but some have expressed frustration that all the tax cuts were not extended permanently, which they say is necessary to provide certainty in the jobs market.  

The tax deal would also cut the payroll tax by 2 percent through the end of next year.

Democrats wanted to extend the tax cuts for the middle class, but to let the rates return to their pre-Bush administration levels for individuals earning above $200,000 and families with income above $250,000 annually.

---