U.S. President Barack Obama reaches out over a barricade to greet people after stepping off Air Force One in Greensboro, North Carolina December 6, 2010. REUTERS/Jim Young

WASHINGTON (Reuters) - President Barack Obama said on Monday he had reached an agreement with Republicans on how to extend expiring tax cuts.

He said the compromise’s provisions including a 2 percent payroll tax cut for next year, extending jobless benefits for 13 months and extending tax cuts for all Americans -- including the wealthiest -- for two years.