The deal that The One is offering is to increase the debt limit by $2.4 Trillion, increase taxes by $1 Trillion (on top of the ObamaCare taxes) in return for promises to cut trillions from government spending.
The Debt Limit becomes law immediately.
The taxes become law immediately.
The spending cuts never, ever become law — they are promises never kept — ever.
The GOP has found themselves in this position because they refuse to consider not increasing the debt limit, and then paying down existing debt with cuts.
Once the debt is paid down, if and when the Government needs to borrow, it can, up to the amount of the debt they have paid off.