This is CBS Eye of the World with Joseph Sternberg, members of the editorial board of the Wall Street Journal.

I'm John Bachelor of Joe's in London watching American headlines about the debt ceiling

in Brolio in Washington these last weeks.

We're giving all kinds of worst case scenarios.

Right now, the Wall Street Journal headline is promising, but at the same time disappointed.

Debt ceiling deal does little to change spending economy, writes the headline, the subhead.

The plan, if approved, would havevert potential financial disaster caused by a government default.

The legislation goes before the House Rules Committee within these hours.

Joe, the puzzle about the debt ceiling for me is that the debts are not being in any way confronted.

It's a chiefly about the entitlement.

There's the rub.

I'm giving all kinds of numbers about what must happen in these next years unless,

and they're all bad outcomes.

But the debated Washington that I've understood does not turn on entitlements.

Have both parties agreed that they're just going to shut their eyes to that and argue with the margins?

Is that what's going on?

Yes, I think that is basically what's going on.

There is not an appetite in any political party right now to really tackle entitlement spending.

So they want, but I do think that we should point out that this is setting the stage

for what could become an argument about entitlement spending if someone wants to launch one in the future

because what has happened here is that the Republicans succeeded in saying there has to be a line

in the sand somewhere in terms of the total amount of debt the government has prepared to take on.

...