There is a bill being finalized in the Senate right now, "agreed" to by Harry Reid and to be voted on within a few hours. Supposedly, it contains absolutely no language regarding revenues or taxes in any way. This is actually a couple of agreements in one - there was some brief talk of demands that an extension or permanence of the "Bush Tax Cuts" be added to the bill, but nothing such happened. The spending cuts that apparently everyone agrees are a good idea amount to something like $1.3trillion, with a ceiling increase of about $2.4trillion.
It eventually wound up back at no revenues and relatively small spending cuts because the bill would also contain a "trigger mechanism" - it would force the Congress to make some new "Super Congressional Committee", i.e. handpicked closed negotiations with no input from freshman members, to decide on wholesale changes to the tax code, or else a second package of spending cuts, about $3trillion, will automatically take big chunks out of the military and Medicare and a lot of other stuff both Republicans and Democrats do not want to be seen as responsible for. (I think it's a retarded plan in my learned opinion, because there's no guarantee any such plan wouldn't be stymied by the exact same people who still won't be afraid of this brinksmanship, but we'll see.) The Democratic "victory" in all this is the lack of language regarding the Bush Tax Cuts - they come up for reauthorization in December 2012, and would then expire if not extended. Whether Obama wins or loses his reelection, he can just veto any extension and suddenly taxes are "raised" without anyone having to vote to raise them.
The central point as far as President Obama was ever concerned - that the debt ceiling would be raised enough that this chicken fight wouldn't happen again until 2013 - is supposedly met. Between the ceiling being raised by about $2.4trillion along with the few near-term cuts, this won't be an issue again until after the next election cycle. Not that it won't be a central issue, but at least there won't be another economic time bomb ready to end the world in the middle of campaign season.
Not that any of this is truly "agreed" to of course. At 6:30PM Eastern Time, the Senate has not yet voted, and then would be all back to the House again. Both the Democratic and Republican leadership teams are calling everyone they can, because about eighty Tea Partiers have already sworn not to vote for anything, while the "Progressive Caucus" is calling the plan a giftwrapped present for the Republicans (which by any rational measure, it is, which makes even the question of it not passing rather astounding). The "magic number" is if exactly half of each party in the House votes in favor, it'll be enough votes to pass. Place your bets now.