The White House has not spelt out regulatory or legislative steps.
Senate Majority Leader Harry Reid, a Democrat, and his Republican counterpart, Mitch McConnell, ended a day of constant talks with optimistic proclamations, as details leaked out of the pact they were negotiating.
Senate passed the measure earlier in a rare New Year's Day session and Obama said he will sign it into law shortly.
Negotiations on the looming "fiscal cliff" will dominate talk in Washington this month, with both the White House and congressional Republicans having made early offers.
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