Federal charges filed against Jesse Jackson Jr., wife

(Chicago, IL)  --  Former congressman Jesse Jackson Jr. will agree to plead guilty after being charged with misusing campaign money. 

Sources say Jackson has agreed to the plea deal in exchange for a prison sentence of less than five years. 

The deal also calls for Jackson to repay hundreds of thousands of dollars spent on things like travel, meals and personal items including a gold-plated Rolex watch. 

Jackson released a statement apologizing and taking full responsibility for his mistakes. 

His wife, Sandi was also charged with one count of filing false tax returns.