Debt Ceiling Deal Signed: Brad Bannon

Congress and President Barack Obama beat the deadline for raising the nation's debt ceiling by just a few hours Tuesday, but they hardly ended the clash over the size and reach of government. The next confrontation promises to be at least as contentious as the one they just finished.

Congressional leaders have two weeks to name members of a special 12-member legislative panel that's assigned under the debt-limit law Obama signed Tuesday to find ways to cut the government's budget deficit by as much as $1.5 trillion by Nov. 23. That number can be reached by reductions in spending and increases in revenues, and the brawl over how to do that already has begun.

Democratic political consultant Brad Bannon says "The big problem is still...Jobs."

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