Here’s the best post I’ve yet seen on the debt deal. Well worth reading, with this conclusion:
it looks like our democracy will have raised the debt ceiling, didn’t really cut a thing, passed off responsibility for substantial deficit reduction to a “super committee”, which will either come up with a plan that does not bind the future executive and legislature or will trip a “trigger” that won’t go into effect until after the next election, and then, again, will go into effect only if the government of the future wants it to go into effect.
Or as Tyler Cowen put it,
What we have is a weak, vacillating postponement of all the hard decisions.
I didn’t see a name on the post, but Cowen attributes the post to Will Wilkinson, and presumably he knows.