UPDATED: Debt ceiling deal is a resounding defeat for Obama Democrats and a huge victory for Republicans and America

The Wall Street Journal is reporting that a deal has been reached to increase the debt ceiling by $2.5 trillion in exchange for $3 trillion in spending cuts and a vote on a Balanced Budget Amendment.

According to earlier AP reports the broad outline of the deal is as follows:

Under the possible compromise, the debt limit would rise by an initial $1 trillion.

A second, $1.4 trillion increase would be tied to a specially created congressional committee that would have to suggest deficit cuts of a slightly larger amount. If that panel did not act — or if Congress rejected their recommendations — automatic spending cuts would be triggered that could affect Medicare and defense spending, two of the most politically sacrosanct programs.

If these reports are true, then the Republicans have scored an enormous victory, and we conservatives need to recognize, support, and celebrate it as such.

The Republicans succeeded in getting cuts that exceed the amount of the increase in the debt ceiling, a vote on a Balanced Budget Amendment just a few months before the 2012 election, and no tax increases.  The only thing the Democrats got was an increase in the debt ceiling sufficient to last until after the election.

This is a major victory for conservatives and a major defeat for leftist Democrats, and we need to recognize it as such and trumpet it confidently as such to the world.  Obama and the Democrats began this debate by insisting on a “clean” increase in the debt ceiling – a blank check to continue to spend with no restraint whatsoever.  This was a non-starter.  Their fallback position was that any cuts associated with increasing the debt ceiling must be accompanied by tax increases.  The Republicans stood firm, and the Democrats lost on this count as well.

Today’s deal (if it is as reported) is not everything that conservatives want, but it is a huge victory when the presidency and Senate are controlled by movement leftists.  We need to recognize victory when we achieve it, and we need to make sure that when the leftist “news” media start spinning this as an Obama victory, we set the record straight:

We got almost everything we wanted.

The Democrats got nothing of substance that they wanted.

And Obama showed himself to be so inept, so lacking in leadership, and so irrelevant that the deal was struck only when he was sent to his room so the grown-ups could work things out.

We won.  America won.  And the Obama Democrats who put their partisan interests ahead of their country’s interests lost.  It’s just that simple.

UPDATE: Now that the plan has been finalized and formally announced, the Washington Post’s Chris Cillizza declares the tea party a big winner and liberals a big loser:

Tea party: There were major questions coming into the 112th Congress about who would blink first — the largely establishment-aligned leaders of the new Republican House majority or the tea-party-aligned freshman members. We got our answer to that question late Thursday as House Speaker John Boehner was forced not only to postpone his compromise bill but ultimately to add conservative sweeteners to get the 217 votes he needed. (He got 218.) The tea party — inside and outside Congress — will almost certainly be emboldened by the result of this fight.

Liberals: As the basic framework of the deal emerged, liberals began voicing their discontent about a bargain that left their side wanting more. With no revenue in the initial phase of the legislation and Medicare cuts on the table in the second phase, there’s not much for the ideological left to celebrate.

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