The big driver of the national debt is medicare spending, made worse by Obamacare. This subject is "off the table" according to the White House. Put simply, the Obama administration is prepared for an exploding national debt and is unwilling to make any effort at all to slow that explosion.
Raising tax rates and tinkering with social security cost-of-living adjustments is a joke. Neither will reduce the future trajectory of the national debt and raising tax rates will actually make things worse.
If Republicans sign on to this deal, you have to wonder what they plan to run for re-election on in 2014. Why control the House of Representatives, if you intend to do nothing but cave to Obama? Where is the loyal opposition?