After several days of high-stakes talks President Obama finally announced that a deal on the debt ceiling had been reached. The deal will raise the debt limit by $900 billion and will tide the treasury over until after the 2012 election. It will include $900 billion in spending cuts including $350 billion in defense cuts, while a special congressional committee will look for a further $1.5 trillion in savings. Likely targets are Social Security and Medicare. The compromise means neither side is entirely happy.