"Now, is this the deal I would have preferred? No. I believe that we could have made the tough choices required -- on entitlement reform and tax reform -- right now, rather than through a special congressional committee process. But this compromise does make a serious down payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year." President Obama
Well, no, we don't need deficit reduction now (though I understand he's partly catering to independent voters). Even if the reductions are delayed, there's no indication that deficit reduction will help the economy other than by avoiding a crushing default.