Deal? What deal?
Cut spending? Uh, no. There's no spending cuts, only claims of reducted increases. More debt? Yes, and lots of it. Balanced budget? Never.
The economics are clear - unless this gets fixed, and soon, we will start down the gravity well inside the escape radius, and get to choose only between spiraling into the singularity and hitting it head-on. Incidentally, both end the same way.