….and so apparently there won’t be a federal default. But is it a good deal? At first glance, it is—for the Republicans. (This Washington Post chart is pretty helpful.) They won $1 trillion in spending cuts without any tax increases. Meanwhile, entitlement reform and “tax reform” are, as they say in Washington, kicked down the road, the work of to-be-determined congressional committees.

I’m pleased they’re going to pass something to avert a financial crisis, but this seems a significant victory for the Tea Party People—and a real defeat for everyone else. No new revenues, no entitlement reform, apparently very minimal cuts in defense spending—that’s not going to get the job done.