Congressional leaders and President Obama agreed late tonight to a $38 billion cut in federal spending during the remainder of this fiscal year, which brings to an end the debate over how much to cut and which programs should receive the brunt of the reductions in federal spending. At the end is the video of the president announcing the agreement.

Following the agreement, all three sides patted themselves on the back. Obama cited this as ‘the biggest spending cut in history.’ John Boehner, who received a standing ovation from his fellow Republican House members (for some reason) asserted that he expected this to lead to a $500 billion reduction in spending over the next decade. Harry Reid, the Senate Majority Leader, said that ‘This is historic, what we’ve done.’ What a wordsmith.

If the federal government had shut down, national parks would have been closed, and many other programs would have been unable to open their offices. Now, we can go on with the same excellent government services to which we have grown accustomed.

As far as the riders which have dominated discussions recently, the Republicans caved in on their opposition to funding to such organizations as Planned Parenthood or agencies like the EPA. However, they took solace that federal or local government funds will no longer be permitted to pay for abortions in DC. Apparently, it will now be impossible for DC residents to make the long trek, car ride, or lack bus tokens to get to either northern Virginia or Maryland.

So, our long national nightmare is over, until next month. Then, our politicians can argue about the next budget for about a year. We.ll, at least they’ll have something to amuse themselves with