The congressional Republican leadership has agreed to White House demands to raise the national debt by as much as $2.4 trillion and continue deficit spending into the indefinite future. The deal would trim about $900 billion from the anticipated $7 to 8-trillion deficit over the next 10 years — a little more than 10 percent of the total — and allow total federal spending to continue to grow rapidly. It would also set up a bipartisan commission charged with finding an additional $1.5 trillion in deficit reduction.

All of official Washington touted the deal as one of fiscal responsibility. "Our framework is now on the table that will end this crisis in a manner that meets our principles of smaller government,” House Speaker John Boehner told the press after reaching the deal with the White House.

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