Vox Day puts the agreement in terms we can all understand:
Imagine that you are in the back seat of a car being driven 70 miles per hour towards a cliff edge. Driving the car off the cliff will be fatal, but instead of stopping the car, turning it around, or even stepping on the brakes, the two people in the front of the car are arguing about who is responsible for how close to the cliff it is. Then imagine that after one of the passengers in the back seat begins shouting at the driver to stop the car, the two in the front argue some more, then finally agree to slow down to 68 miles per hour.
$38.5 billion sounds like a lot until you realize that the federal government adds $125 billion to the deficit every month. This agreement is political theater at its worst — no more substantial than professional wrestling and a lot less fun to watch.