Ezra Klein analyzes it:
All in all, it looks a lot like the Simpson-Bowles plan, which was pretty much the point of the exercise. A few weeks ago, I wrote a column arguing that, in retrospect, the Simpson-Bowles plan was a pretty good deal: It was more balanced on both the spending and the tax side than the president's April deficit-reduction proposal. I think that it is, if anything, truer now than it was then, and truer in this bill than it was in that bill.
Chait asks how this plan will get through the House:
Every article I've read over the last half a year asserting that there's a strong desire among members of Congress to pass a bipartisan deficit bill focuses entirely on the Senate. And, indeed, there do seem to be quite a few Senators interested in bipartisan compromise on the deficit. I have yet to see any evidence of such a desire on the House side, save John Boehner's brief hypnotic spell from which he was rudely awakened with the discovery that no members of his caucus would support him.
The Dish 