I hope the damn bill is dead. It does not represent meaningful cuts that would reduce the debt.
While I agree with you that the bill does not do enough, have you considered what the alternative outcome will likely be?
1. Reid proposes his bill in the Senate. John Kyl has already said that the GOP would not filibuster, but they would vote no, allowing to pass with only Dem votes.
2. The bill goes to the House. Tea Party favorites (including a lot of the freshmen) vote against it, but enough Dems join the establishment GOP to pass the bill "to avid an economic catastrophe".
3. Obama gets his debt ceiling increase and pushes the issue off until after the election. The Dems and the "moderate" GOP members are portrayed as saving the country, while the conservatives and Tea Party candidates are vilified for "pushing the country/world to the brink of economic ruin".
4. Obama wins re-election in 2012. Tea party candidates are defeated en masse as the House goes back to the Dems.