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Bipartisan lawmakers eventually signed a deal late Sunday night. The debt ceiling will be heightened and the country will avoid defaulting on its responsibilities. It was a lengthy and tense fight. Many budget issues are still to be solved. Neither party is supposedly happy with the bargain. Post resource - Debt ceiling deal hammered out at 11th hour by Newsytype.com.

Developing a Super Congress

Lawmakers came to an agreement late Sunday after months of bitter discussion and partisan fighting. The debt package reached includes $2.4 trillion in spending cuts over the next decade, without tax hikes or closure of tax loopholes. A "Super Congress" has to be put together also with it so November spending cuts could be addressed. There will be a $900 billion increase in the $13.3 trillion debt ceiling through 2013 in exchange.

There are two parties and chambers that have 12 lawmakers in the new Super Congress. The committee is charged with finding $1.5 trillion more in cuts to present by Thanksgiving 2011. The decisions aren't something Congress can amend or filibuster.

Vote occurring soon

The debt package is anticipated to pass. There is no guarantee it will happen. Monday there will be a vote. The debt ceiling has to be increased before Tues if the United States is going to function normally. Otherwise, it would have to decide which payments to make and which to ignore.

Increase in stocks

Stocks, which have been nervous of late, rose in the U.S. by more than 1 percent Monday in response to the news. The dollar increase in comparison to the yen and Swiss franc also.

A House divided

The Democratic-led U.S. Senate is expected to pass the debt ceiling package. The House will have a different opinion. It could possibly be harder to pass. Most liberals were against it. Social programs may be cut, which is the concern. Conservatives wanted even more cuts in the debt package reached.

Decrease in credit score expected

The nation's credit rating future is unknown although the default seems much less likely. Even if there is no default, Standard & Poor's could downgrade the rating.

Tax wars

It seems like taxation has become a large problem. It might be the next large fight that occurs. Most analysts say that the deal is really just an agreement. Victory was claimed only by House Speaker John Boehner. He was the only one who did so.

"The White House bid to raise taxes has been shut down," he told House Republicans.

However, even though the new deficit reduction plan does not specifically call for brand new taxes, many Democrats see the Super Congress as a potential car to reform the tax code and provide additional revenue. If tax reform does not succeed in the committee, the White House promises to allow the tax cuts made by former President Bush to expire in 2013.

Articles cited

Huffington Post: http://www.huffingtonpost.com/2011/07/31/debt-ceiling-deal_n_914538.html,

Reuters: http://www.reuters.com/article/2011/08/01/us-usa-debt-idUSTRE7646S620110801,

MSNBC: http://www.msnbc.msn.com/id/43967924/ns/politics-capitol_hill/