U.S. Rep. Charles Djou is applauding the compromise on taxes reached between President Barack Obama and Republican congressional leaders.

In part, the accord would extend for two years Bush-era tax cuts to the wealthy, as well as low- and middle-income wage earners.

In a statement Tuesday, the Republican congressman who represents urban Honolulu said he frequently stated his support for extending the cuts for everyone during his re-election campaign.

He was defeated in November by Democrat Colleen Hanabusa, who takes over next month.

The compromise also would extend unemployment benefits for millions of people, and reduce Social Security payroll taxes for a year.