Washington has been flooded with deficit reduction plans of late. They have different ideological shapes, but most require everyone to sacrifice something they want. That wasn't how this deal came together. Both sides agreed to give each other largely what they wanted. It is financed entirely by adding to the national debt. (Whee!)

I'd like to take this opportunity to thank my children (and grandchildren) for allowing my government to continue spending like there's no tomorrow and not paying to for it. Thanks.

I entertained the notion GOP gains in 2010 & 2012 would change the attitude in Washington toward spending. I'm wondering now if it's only the bond market that can do so.