Congressional leaders and President Obama have agreed on a deal that would raise the debt ceiling and take steps toward reducing the deficit. It basically gives the Republicans and Tea Partiers everything they wanted. Details here.
The House and the Senate will have to vote on the deal tomorrow after which the President will sign it into law.
Just between you and me, I’d vote against this deal… if I had a vote. The whole “super committee” thing is kind of freaky, plus there is no provision for additional revenue (i.e. taxes on the rich).
I believe I have to agree with Krugman on this one: “The President Surrenders.”