The deal doesn't have an assault weapons ban, magazine capacity limits, or even universal background checks, but it does offer a huge improvement to our background check system.
The deal would expand background checks to purchases made at gun shows and online sales of firearms. It would impose penalties on states that do not add records of felons and the mentally ill to the National Instant Criminal Background Check System.
The agreement would not require private citizens to keep records of gun sales. It would specifically ban "the federal government from creating a national firearms registry" -- a key sticking point for the pro-gun rights community.
The bill would also create a commission "to study the causes of mass violence in the United States, looking at all aspects of the problem" including guns, school safety, violent video games and mental health. [USA Today 4/9/13]
Full announcement below: