Not so bad afterall. Good read from TPM.

http://online.wsj.com/article/SB10001424053111903341404576480653492061150.html

A Tea Party Triumph

The big picture is that the deal is a victory for the cause of smaller government, arguably the biggest since welfare reform in 1996. Most bipartisan budget deals trade tax increases that are immediate for spending cuts that turn out to be fictional. This one includes no immediate tax increases, despite President Obama's demand as recently as last Monday. The immediate spending cuts are real, if smaller than we'd prefer, and the longer-term cuts could be real if Republicans hold Congress and continue to enforce the deal's spending caps.

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No wonder liberals are howling. They have come to believe in the upward spending ratchet, under which all spending increases are permanent. Not any more.

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One reason to think tax increases are unlikely, however, is that the 12-Member committee will operate from CBO's baseline that assumes that the Bush tax rates expire in 2013. CBO assumes that taxes will rise by $3.5 trillion over the next decade, including huge increases for middle-class earners. Since any elimination of those tax increases would increase the deficit under CBO's math, the strong incentive for the Members will be to avoid the tax issue. This increases the political incentive for deficit reduction to come from spending cuts.

Mr. Obama's biggest gain in the deal is that he gets his highest priority of not having to repeat this debt-limit fight again before the 2012 election. The deal stipulates that the debt ceiling will rise automatically by $900 billion this year, and at least $1.2 trillion next year, unless two-thirds of Congress disapproves it. Congress will not do so.

The GOP came out of this looking unreasonable--I've been getting E-mail messages from friends saying they are back with the Democrats because the Tea Party is "destroying this country." Nate Silver tweeted last week that local conservative talk radio in Kansas was filled with callers attacking the Tea Party! The Wall Street Journal ran two editorials which called the GOP delusional and "childish." The vaunted GOP message discipline broke down--I read stories all over the "inside baseball" papers here in DC where GOP House members went on the record after the Friday vote wondering out loud if the party had been damaged! I don't know if you noticed, but John Boehner spent last week negotiating with himself. No new proposals came out from the Dem side, but he produced two proposals, one of which he had to pull after he didn't have votes. A congressional Dem staffer told me his dad, an urban Catholic who voted for Nixon over Kennedy and has always voted Republican suddenly thinks the GOP is out to lunch and supports the President.

Hey, we all hate the pain, but this is an ongoing process. They are going to try this again with a government shutdown. When that happens, I'm pretty sure that the country will be resoundingly against a repeat of these types of hijinks.