The government will be reopened and the debt limit raised if Senate leaders get their way, and if Speaker Boehner allows a vote in the House. But the deal would last only until early next year. Between now and then, Congress would hold the budget hearings it should have conducted this Spring. Can disagreements about spending, taxes and Medicare be resolved in such a short time? What about the ongoing dispute over Obamacare?
This may be the moment to take a deep breath, but long-term relief could be a long time coming. After Senate leaders announced their agreement today, White House Press Secretary Jay Carney said President Obama hopes both houses will pass it.