The President Surrenders  —  A deal to raise the federal debt ceiling is in the works.  If it goes through, many commentators will declare that disaster was avoided.  But they will be wrong.  —  For the deal itself, given the available information, is a disaster, and not just for President Obama and his party.

Reid Agrees To Major Debt Limit Deal — Here's What He's Signed Off On  —  Senate Majority Leader Harry Reid (D-NV) has signed off on a deal to raise the debt limit pending the approval of his caucus — and of course if can win the backing of Senate GOP leaders and then a majority of the House.

GOP on verge of huge, unprecedented political victory  —  By all accounts, it looks like a deal is about to be announced in which the debt ceiling is hiked in exchange for the promise of major spending cuts, including to entitlements, totalling at least $2.4 trillion.

Did Obama capitulate — or is this a cagey move?  —  It was President Obama's bottom line, a position he repeated in every recent public utterance on his debt-ceiling talks with Congress: Any deal must be “balanced” with spending cuts and tax increases.  —  But in his eleventh-hour stare …

To Escape Chaos, a Terrible Deal  —  There is little to like about the tentative agreement between Congressional leaders and the White House except that it happened at all.  The deal would avert a catastrophic government default, immediately and probably through the end of 2012.

A Tea Party Triumph  —  The debt deal is a rare bipartisan victory for the forces of smaller government.  —  If a good political compromise is one that has something for everyone to hate, then last night's bipartisan debt-ceiling deal is a triumph.  The bargain is nonetheless better …

White House, congressional leaders reach debt-limit deal  —  President Obama and congressional leaders Sunday night sealed a deal to raise the federal debt limit that includes sharp spending cuts but no new taxes, breaking a partisan impasse that has driven the nation to the brink of a government default.

How the Tea Party ‘hobbits’ won the debt fight  —  The Tea Party came under fire from all sides Friday after House conservatives nearly brought down Speaker John Boehner's debt-limit bill.  John McCain went to the Senate floor to mock Tea Partyers as “hobbits,” and Democratic Rep. Chris Van Hollen …

Obama and Leaders Reach Debt Deal  —  WASHINGTON — President Obama and Congressional leaders of both parties said late Sunday that they had agreed to a framework for a budget deal that would cut trillions of dollars in federal spending over the next decade and clear the way for an increase in the government's borrowing limit.