President Obama’s team is offering Mitt Romney a deal on taxes: Publicly release five years of returns, and the Obama campaign will drop its insistence for additional tax information.

“I am writing to ask again that the Governor release multiple years of tax returns,” wrote Jim Messina, Obama’s campaign manager, “but also to make an offer that should address his concerns about the additional disclosures. Governor Romney apparently fears that the more he offers, the more our campaign will demand that he provide. So I am prepared to provide assurances on just that point: if the Governor will release five years of returns, I commit in turn that we will not criticize him for not releasing more — neither in ads nor in other public communications or commentary for the rest of the campaign.”

The email, addressed this morning to Messina’s counterpart Matt Rhodes, Romney’s campaign manager, stresses that the request is “surely not unreasonable” given Romney’s father made 12 years of tax returns to the public during his presidential run.

Read more from TPM’s Igor Bobic at…

Update: Team Romney responds, turning down the offer.