Hot Air has the details – it mostly works out to a defeat for the left as it looks like they didn’t get tax hikes, didn’t get as much new debt ceiling as they wanted and were prevented from gutting defense. The deal was done because, in the end, Obama saw his approval rating cratering and wanted to stop the bleeding – some times you do have to let a crisis go to waste. Especially when you made one up out of whole cloth.
The real budget crisis comes in 2015 or so if we don’t significantly cut spending by then. While Obama is President, we won’t be able to do that – so the whole solution to our real budget crisis is to get Obama out of the White House in 2012.