The election of Barack Obama (ironically) was the best thing that happened to America in a generation, as it prompted the development of the Tea Party movement and inspired more people to participating in public affairs. In the same way, a bad deal on the debt limit is the best thing that could have happened to the USA before the 2012 election.
The financial markets are not reacting positively to this deal's projected expense figures for the next ten years: A total increase of government expenses of $7 Trillion, without considering the further $5 Trillion tax raise in 2013 (i.e.: Bush tax cut expiration).
As the US economy continues downhill (probable loss of AAA rating, increases in bureaucracy, spending, deficit, debt and unemployment) all of the attempts of the current administration to fiddle with the economy are materializing as failures.
Yes, it will hurt to see the current President spend another $2 Trillion that we do not have in promoting his ideology for one more year. It will hurt to see the US dollar devaluate. However, all of the above will create a substantial argument for the people to elect moral, competent and fiscally responsible people in 2012 and 2014.
Hopefully during the next conservative administration we will be able to eradicate the statist, dependency mentality that elected immoral and incompetent politicians in the past.
Our tasks will include: strengthening the moral back bone of Congress and the nation, exposing the immorality of central planning and deficit financing, choosing responsible leaders and conscientious judges, reducing the size of government to its optimum percentage of GDP, simplifying laws, removing barriers to free market and competition, introducing a Fair Tax system, improving the voter's knowledge of economics, improving communication among the people and their representatives, and providing more people with the opportunity to participate in the work and the rewards of wealth creation.
America must return to practicing its exceptional values of altruism, responsibility and freedom, so that it can again be a land of opportunity for all.This period in history shall positively affect America and the world for future generations.