We have a debt ceiling deal. It's a relief for most people. This deal avoids a default and the need for the Department of the Treasury to make hard choices over which bills to pay. It gives Republicans the sense that a step was taken toward fiscal responsibility and gives Democrats the sense that they've made an unprecedented sacrifice. Many hope their spending restraint days are over. But a deeper look into headline-grabbing projections of huge savings reveals that nothing could be further from the truth.
Much more needs to be done, and it needs to be done pronto.
