Based on the news reports that I've read, and the opinion pieces that came out this morning, it seems that literally nobody is happy about the new debt limit bill that was passed yesterday. Republicans don't like it because it doesn't include specific entitlement cuts, but may end up including cuts to defense spending. Democrats don't like it because it doesn't include specific tax increases, but may include cuts to social welfare programs. Neither party seems to like the idea of tasking a 12-member committee with compromising to cut $1.5 trillion, or the idea of revisiting the entire ordeal in a few years, when they will likely pass additional legislation that guts the current bill and precludes them from making any of the hard decisions that this bill supposedly requires. This is the textbook definition of a political punt.
To piggyback on Smash's earlier thread, this appears to me to be a very clear example of the lack of leadership from PotUS. Other than the closed-door negotiations with Boehner, Cantor and Reid (which didn't produce anything except for juicy tabloid-esque headlines), he basically just kept repeating "I'm the only grown-up in the room!" while letting the House GOP completely drive the debate.
Seriously, man; show some backbone.
Edit: Whoops, looks like this discussion is already going on; this is what I get for not reading all of the other threads.
Edited, Aug 3rd 2011 9:16am by Demea