Senate leaders unveiled $10.8 billion in tax incentives April 2 as part of a broader compromise bill (H.R. 3221) intended to help stabilize the housing sector and minimize further foreclosures. After two days of negotiations to find some middle ground for the housing stimulus package, Senate Majority Leader Harry Reid (D-Nev.) announced that Democrats had reached an "agreement in principle" with Republican leaders. Consideration of the bill on the floor began April 3. The package provided by the Senate Finance Committee includes an agreement to create a standard property tax deduction for homeowners who do not itemize their federal taxes, provide a $7,000 credit to buyers of foreclosed homes, and expands the use of net operating loss (NOL) carrybacks from two years to four years.