Former U.S. President Bill Clinton said Friday at a White House press conference that the tax compromise between the White House and Republicans was a "good deal", as it could help minimize the chance of the U.S. economy slipping back into recession and could maximize the chance of job creation.

Clinton noted that the deal was the best possible ones for both parties, and could provide a boost to the country's manufacturing sector and small businesses.

Obama announced on Monday evening that the White House and Republicans had reached a compromise that would extend the soon-to- expire Bush-era tax cuts at all income levels for another two years, while extending emergency jobless benefits through 2011.

The framework agreement had sparked criticism from some congressional Democratic leaders over the past days, who believed that Obama did not fight hard enough and his conciliatory moves gave an olive branch to the GOP too quickly.

The former U.S. president backed Obama's action after finishing a private meeting Friday afternoon between the two, saying: "I personally agree that this is a good bill", as the nation could not afford to fall back to an economic recession and the framework was the "best available option".

Clinton urged his Democratic fellows to support the deal, as the nation had to "get out of the recession", which was a serious challenge facing the nation now.

Obama held that his priority was getting the economy moving and spurring job creation and he did not want American people to be hurt "with political fight going on".

Clinton added that this agreement would help the American people over the long haul, and the U.S. political system was designed to facilitate the best compromise result.