Debt Ceiling Deal Made And It Sucks

From Fox News: President Obama announced Sunday night that leaders of both parties in both chambers have reached an agreement on a debt-reduction deal that will "lift the cloud of uncertainty that hangs over our economy" and prevent the nation from potentially defaulting on the nation's financial obligations.
According to the president, the deal means an immediate cut of $1 trillion over a 10-year period, followed by the creation of a committee to come up with additional cuts worth $1.5 trillion to be voted on by the end of the year.
Each chamber will nominate lawmakers to the committee to report back in the fall. Tax hikes are not part of the package and a pledge for a Balanced Budget Amendment vote is.
Obama said everything will be on the table and both parties will find some of the cuts objectionable.
Read more: http://www.foxnews.com/politics/2011/07/31/obama-announces-debt-reduction-deal-approved-by-senate-house-leaders/#ixzz1TjwU7xPc
First, an immediate cut over ten years are not immediate cuts. Further, yes, there may be some cuts, but these cuts can be offset by more spending. This bill does nothing about spending and increasing spending.
Further in the article: But Boehner of Ohio said the deal does not violate GOP principles. "We got 98 percent of what we wanted," he said adding that the framework cuts more spending than it raises the debt limit. It also caps future spending to limits in the growth of government
What Boehner doesn't mention that the interest in the debt is not covered.
More: The trigger would be enacted for across-the-board cuts if the joint committee doesn't reach at least $1.2 trillion in deficit reduction. If that happens, Obama would be allowed to request a $1.2 trillion debt increase and Congress would have to disapprove it. Across the board cuts would also apply to Medicare, but other programs like Social Security, Medicaid, veterans benefits and military pay would be off-limits.
No, Congress needs to approve it, not disapprove it. This is just flat out wrong.
As a conservative, I am disappointed that conservatives would settle for this settlement. I hope that my congressmen, Sen. Dean Heller and Rep. Dr. Joe Heck reject this plan and start over. This plan does nothing about spending and spending increases- there has to be a plan in place to reduce spending.
Reject this deal.