A deal on the debt ceiling has been struck, staving off short term turbulence from the financial markets. That’s good. You can find good articles on what is in the deal elsewhere — my initial (and relatively uninformed) reaction is that the deeper issues remain unresolved. A list of the deal’s winners and losers can be found here. Another one is here.
What strikes me is the extent to which the media discussion has revolved around the politics of it all, carefully avoiding the substantial policy issues. I can certainly understand the attraction. The complex nature of the budget deficit makes it difficult to discuss in depth when there is only rooms for so many words.
It will be interesting to see how this question will be framed in future budget debates. And also important: how will the voters respond? That, after all, will determine the course of future attempts at debt reduction.