I’d suggest using this phrase to describe the Obama administration as a whole. F.D.R. had his New Deal; well, Mr. Obama has his Big Deal. He hasn’t delivered everything his supporters wanted, and at times the survival of his achievements seemed very much in doubt. But if progressives look at where we are as the second term begins, they’ll find grounds for a lot of (qualified) satisfaction.
This might have the sticking power to become a real thing. The last time a presidential legacy carried a name like this was Johnson's "Great Society." One of the biggest deals of the Big Deal so far is how the president has been able to achieve these things given the unprecedented level of opposition -- congressional Republicans willing to obstruct and sabotage everything, regardless of what it was.