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Narrowly averting a government shutdown late Friday night, Democrats and Republicans agreed to a stop-gap budget deal, with a final federal budget plan expected to be approved later this week. The tentative agreement for the remainder of fiscal year 2011 will reduce the federal budget by nearly 38 billion dollars from 2010. It adds-up to $79 billion less than President Obama’s earlier budget proposal. The Washington Post reports that if approved this deal amounts to, “the largest budget reduction for federal agencies in U.S. history.” Majority Senate Leader Democrat Harry Reid and President Obama emerged from negotiations upbeat and victorious, while calling the cuts “painful.” However liberal voices are highly critical of both the substance of the compromise, and the Democrats’ positive spin. Ezra Klein on Sunday wrote that Democrats, “by celebrating spending cuts [have] opened the door to further austerity measures” and “policy defeats later.” Robert Reich wrote that the GOP gained so much ground on this fight that,”The right-wing bullies are emboldened. They will hold the nation hostage again and again.” President Obama will address the nation on Wednesday in a speech focused on the fast approaching need for congressional approval to raise the debt ceiling.

GUEST: Suzy Khimm is a reporter in the Washington bureau of Mother Jones. Previously a staff member at the New Republic, she has written for a variety of publications.