When we last checked in on this promise, we rated it Compromise. As part of the stimulus legislation of 2009, Obama won a two-year, $400 tax credit for workers.

This week, though, President Barack Obama sacrificed one of his top campaign promises -- raising taxes on high earners -- as part of a compromise with Republicans to extend current tax rates for everyone for another two years.

Though Obama reversed his position on tax increases for the wealthy, he's didn't trade it away for nothing. In exchange, among other things, Obama got a significant payroll tax reduction for 2011 that will increase take-home pay for workers.

The payroll tax reduction significantly increases tax breaks for workers in 2011, much more than the Making Work Pay tax credit of 2009 and 2010.

The payroll tax holiday would mean $400 for the year for workers who make $20,000; $800 for workers who make $40,000; and $2,000 for workers who make $100,000. Social Security taxes only apply to income up to $106,800, so the measure particularly benefits workers below that threshold. That's significantly more than the $500 maximum tax credit that was part of Obama's campaign promises.

The payroll tax holiday could inject $120 billion into the economy, said Gus Faucher, director of macroeconomics at Moody's Economy.com.

"We think it is going to make a substantial difference for job growth compared to what we were expecting just last week," Faucher said. The forecasting group increased its estimates for job growth in 2011 from 1.3 million new jobs to 2.8 million new jobs, based on the payroll holiday and a few other smaller measures included in the framework.

We're going to be watching the tax package as it makes its way through Congress. If successful, this measure could dramatically exceed Obama's campaign promise. For now, we're changing the ruling on this promise from Compromise and moving it back to In the Works.