Reports in the media are that the proposed deal (in which the Democrats gave major concessions) does not include an agreement to raise the debt ceiling. According to The Washington Post
The next big deadline is likely to come around the end of February, when the Treasury Department will exhaust the measures now in place to extend the nation’s $16.4 trillion debt ceiling. At that point, the government will not be able to pay its bills unless Congress votes to raise the nation’s legal borrowing limit.With the tax issue resolved and the need to raise the debt limit, the Republicans will have all of the leverage in the next round of negotiations.
Republicans hope to use that moment to force Obama and congressional Democrats to agree to major spending cuts in return for the increase — in what could be a sequel to the contentious face-off over the debt limit in the summer of 2011.
if you don't want this to happen, contact your Senator and Representative ASAP and demand that the proposed deal be revised to include an increase in the debt limit that will cover us through the 2014 elections.
Here is how you can find the contact information for your Senator:
Here is how you can find the contact information for your Representative: