(Image source: The White House)

BY TRACY PFEIFFER

ANCHOR JIM FLINK

You're watching multisource politics news analysis from Newsy.

The world breathed a little easier after President Barack Obama announced late Sunday -- Congressional leaders had agreed on a debt deal.

Pres. BARACK OBAMA: “Now, this process has been messy; it's taken far too long. I've been concerned about the impact that it has had on business confidence and consumer confidence and the economy as a whole over the last month. Nevertheless, ultimately, the leaders of both parties have found their way toward compromise. And I want to thank them for that.” (CNN)

But as Mr. Obama himself said -- “we’re not done yet.”

Now the framework of the deal moves to Congress for a vote, just one day before the Treasury’s August 2nd deadline. The details are still being hashed out, but ABC has the scoop on what we know, now.

“A debt ceiling increase of up to $2.4 trillion. That’s enough to last through the presidential election. Agreement on up to $1.2 trillion in spending cuts over ten years. A new special Congressional committee to recommend additional deficit reduction of up to $1.5 trillion. If Congress doesn’t act on those recommendations, deep automatic cuts are made including to Medicare and Defense.”

Anchors for Fox and Friends are a little leery about the joint committee part -- especially because of the lack of a clear picture of its powers.

“We’re talking about this kind of ‘dirty dozen’ concept, where people go forward and decide what’s in and what’s out. A lot of Americans are saying- Are there tax hikes in America’s future as part of this plan?

“Well it depends on who you ask. In the first trillion dollars of cuts, no. But then, this little special committee takes over, and that’s what has a lot of people nervous.”

And analysts say if the concept of compromise is a deal that everyone hates equally -- then apparently this deal is a success. Conservative blogger Erick Erickson from RedState.com titles his commentary -- “Not Playing the Fool.” On possible tax increases, that is.

“The House and Senate GOP leadership may have convinced themselves that they have snookered the Democrats, but even little ole me, a non-budget genius, can drive a truck through their argument... That counter argument is best summed up as but... but... but... the House Leadership says so. And if puppies were unicorns, we’d all live in a fantasy land.”

And what would this debate be if there weren’t a scorecard of -- political winners and losers.  A blogger for Sky News says -- it’s the Dems on the losing end of this deal.

“They have lost their ability to argue for any stimulus package to improve the economy or for any tax increases on the wealthy to avoid cuts in their precious entitlement programs... The only point the Democrats and the President seem to have won was the timing of the next fight over the debt ceiling - which was postponed till after the next election.”

Forbes reports world markets are expected to gain because of the announced deal.

Stick with Newsy for more on this story and other U.S. political news.

Follow @Newsy_Videos on Twitter

Get more multisource video news analysis from Newsy

Transcript by Newsy