"The framework would raise the $14.3 trillion debt ceiling through 2012,
cut spending by about $1 trillion
and call for enactment of a law shaving another $1.5 trillion from long-term debt by 2021
-- or institute punishing reductions across all government areas,
including Medicare and defense programs...
...a bipartisan congressional super- committee
would be charged with proposing deficit savings of $1.5 trillion
over a decade by late November...
...spending reductions wouldn’t be triggered until after fiscal 2012...
...Republicans dropped their insistence on withholding some of the borrowing authority
until future spending cuts had been made...
...If Standard & Poor’s “sticks to what it said,
it will downgrade” the U.S. debt following the deal...
...The agreement “does nothing to restore household and corporate confidence,
so unemployment will be higher than it would have been otherwise,”
...“Growth will be lower than it would be otherwise.
And inequality will be worse than it would be otherwise.”