Michael Gerson, The Washington Post | August 2, 2011
Washington finally reached a debt-limit deal to avert a calamitous default. But the deal, which “strained and nearly snapped American politics,” was the easy part. ++ The compromise avoided reforming America’s massive entitlement spending and failed to increase tax revenues. Effectively, the bargain “addresses a liquidity problem; it does not resolve the debt crisis”. ++ Combined with anemic economic growth, this “unserious” deal ensures that US politicians will have many more painful spending cuts to make in the coming months.