It would appear that politicians of both parties have hammered out an agreement that allows the government to continue borrowing and spending money with no meaningful cuts.

The president is essentially given a $2.1 trillion debt ceiling increase in stages--but each stage can only be stopped if a presidential veto is overriden, which won't happen. So, effectively, Obama has guaranteed that he and all politicians can avoid truly difficult decisions until after the 2012 election. In return, there are supposed cuts to the baseline spending over the next decade. If a special commission fails to comes up with $1.2 trillion in deficit reduction, there would be across-the-board spending cuts... but an unbalanced portion of those cuts would be in defense and there will be no cuts to entitlements (which are the principal drivers of the deficit!).

It also allows Obama (and all politicians) to get through the 2012 election without really having to make tough decisions. Republicans and Democrats alike will be able to vote exactly the way they want, but their votes will be meaningless since the president can veto them and it would take a 2/3rds majority to override that veto. Republicans and Democrats get to cast their "principled" (but meaningless) votes, use those votes in campaign commercials, Obama can veto the legislation he doesn't like "for the good of the country" (and use that in campaign commercials), and no-one has to make any truly tough decisions until after the election.

We went to the "brink" and faced down the president and Democrats for this? Seriously?

This is an epic failure.

The agreement does nothing to reduce our deficit in any meaningful way. Even though our debt ceiling will be allowed to increase about $2.1 trillion over the next 6 months, any corresponding cuts will happen over a decade... if they ever actually happen at all. And they aren't real cuts, but are simply minor reductions in the rate of growth.

The deficit is a clear and present danger to our country, but this debt ceiling agreement treats the threat as just another political football to be thrown back and forth between the politicians as long as possible while avoiding tough decisions. God forbid politicians be required to make tough decisions anytime in the 2 years before an election.

Like I said several weeks ago, this whole debt ceiling debate was just political theater. And as I also said then, I think we're in trouble.

The debt ceiling was not a crisis. But this agreement, if passed, will represent a very serious crisis because it will demonstrate that our politicians are incapable of addressing this issue in a serious way.

Call your congressman and senators and tell them to vote "NO!"