The Tea Party is celebrating and the Left is mad at Obama. However, before the 2012 election we would be talking about how smart Obama was.
Although the Tea Party is celebrating and the Left is mad, this is a smart move on Obama's part. He doesn't have to carry the stigma of default or downgrade in 2012 and he will have all the flexibility to negotiate. His administration will pump up the stock market with QE3 and economy will improve some, but not drastically. He will paint the Tea Party as an extremist wing that jeopardized America's future. The Left will be happy because there will be no more major cuts except in the Pentagon. Also, there are practically no cuts before the election, so the deal can't hurt the economy. His goal is get reelected and really screw the Republicans. Love it.
Let them get drunk and cocky. We will have the last laugh; the genius of Obama.