Tea party favorite Sen. Jim DeMint (R-SC) has said that he is willing to work with President Barack Obama to pass an extension for the Bush-era tax cuts.

DeMint suggested that he would only be winning to accept a deal where richest Americans are included.

"I hope we can get a permanent extension, but if the president wants to compromise on two or three-year extension, what is important here, Chris, is that businesses know what their tax rates are going to be the next few years so they can plan growth and plan to add people," DeMint told Fox News' Chris Wallace Sunday.

"But two or three-year extension of all the tax cuts, you'd be on board for it?" asked Wallace.

"Well, if that's all we could get out of the president and he is the president, so we'll work with him on that," DeMint replied.

"I hope he doesn't come back with the idea that 'oh, we're going to raise taxes on 750,000 small businesses' as he's been talking about," he said.

"I think if he can work on our side of the ledger, I think we might can work together," DeMint added.

Following big losses for Democrats in the midterm elections, President Obama signaled that he was willing to compromise on tax cuts.

"[Obama would] be to be open to having that discussion," White House press secretary Robert Gibbs told reporters last week.

This video is from Fox's Fox News Sunday, broadcast Nov. 14, 2010.

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