Here’s my understanding what’s up for debate now.
Debt ceiling raised till PAST 2012 (a BIG victory for Obamer as this is what he wanted most. It’s always about him and not the country.)
Cuts only, a trillion first six months. 1.8 cuts rest of 2012. How to enforce? Across the board cut recommended by some kind of super-committee. If not coming to conclusion than an across-the-board cut automatic to include ALL parts of the gubmint, Medicare, defense.
Do I have the gist?
With friends like Congress, who needs Islamists?
You missed the smoke and mirrors part, where "Debt ceiling raised till PAST 2012" is claimed to not be so (even though it is), on account of that happening in two or more smaller stages, with the GOP being given the chance to vote against what they already approved.