MSNBC, NPR and others are reporting that a deal has been reached to extend the Bush Tax Cuts for another two years – maybe.

Under the terms of the deal, the Republicans get what was arguably their biggest election-season wish granted: the Bush (or Bush-era, depending on what you’re reading) tax cuts get extended for everyone for another two years.

Obama gets a much-wanted extension of jobless benefits for another 13 months, plus a 2 percent, employee-side reduction in Social Security Taxes. According to reports, the average family would see a $1,000 increase in income.

The American Public gets a few minor league prospects and a player to be named later. Or not. Actually, what they get is an even bigger deficit, as the cuts do nothing to pay it down, and extending the jobless benefits will only and another outflow of cash without an offsetting inflow.

Speculation says that Obama gave in for a couple of reasons. First, because the Repubs were going to hold jobless benefits hostage, and the Dems didn’t want to have millions of unemployed taxpayers (a/k/a voters) losing income right before Christmas. This argument is bolstered by the fact that the latest extension runs 13 months, or until January 2012, right after next Christmas.

The second reason is strictly political – in six weeks, the Repubs will be able to wreak even more havoc as they take control of the House. Obama, the argument goes, wanted to make the move while he still had the votes to do so.

Of course, here’s where the ‘maybe’ comes in: on inheritances over $5.0 million would be subject to an estate tax of 35%. And, according to at least one report, Pelosi informed the President that a number of Congresspeople do not support the deal.

So, as has been said, there’s a deal – but not necessarily a done deal. Stay tuned.