The debt ceiling agreement that came over the weekend will raise the ceiling by $2.1 trillion – enough to get this issue off the political table until January 1, 2013, which was Obama's desire.
The House called the bill the Budget Control Act. It was the budget out of control act. It is 74 pages long. No one in Congress had time to read it. Typical.
There will be guaranteed spending cuts of under $1 trillion over the next decade, meaning under $100 billion a year, with most cuts coming late in the decade.
There will be a new bipartisan committee set up which will somehow find an additional $1.5 trillion in spending cuts over the next decade. That's a total of under $250 billion a year, all imposed late in the decade-long process, unless Congress changes its mind later, which is likely.