(CNN) - Congressional leaders from both sides of the aisle issued swift responses on the heels of President Barack Obama's announcement that a deal was reached Monday evening with congressional Republicans to extend Bush-era tax cuts.
Jim Manley, spokesman for Senate Majority Leader Harry Reid, said in a statement, "Now that the President has outlined his proposal, Senator Reid plans on discussing it with his caucus tomorrow."
The spokesman for House Minority Leader and incoming Speaker of the House John Boehner released the following: "It's encouraging that the White House is now willing to stop all of the job-killing tax hikes scheduled for January 1. We look forward to discussing this proposal with House Republican Members and the American people."
The proposed plan would extend tax cuts for two years, lower the payroll tax by 2 percentage points for one year and extend unemployment benefits for 13 months.
–CNN's Dana Bash and Deirdre Walsh contributed to this report