Obama Press Conference At 1:30 PM EST, AP Reports Possible Deal

President Obama will be having a press conference at 1:30 PM EST, and we’ll be broadcasting it live (above).

This while the Associated Press reports a possible deal:

The proposal in the works would raise the tax rates on family income over $450,000 to 39.6 percent, the same level as under former President Bill Clinton. Also, estates would be taxed at 40 percent after the first $5 million, up from 35 percent to 40 percent. Unemployment benefits would be extended for one year.

A Republican official familiar with the plans confirmed the details described to The Associated Press…

An agreement on the proposed deal would also shield Medicare doctors from a 27 percent cut in fees and extend tax credits for research and development, as well as renewable energy.

The deal would also extend for five years a series of tax credits meant to lessen the financial burden on poorer and middle-class families, including one credit that helps people pay for college.

The deal would achieve about $600 billion in new revenue, the officials said.

So more taxes and spending. Let’s see what the House has to say.