Here’s a roundup of this morning’s must-read budget and economic stories:

Yesterday, the House passed legislation that will raise the federal debt ceiling and cut spending over 10 years. The Senate is expected to pass the measure today. Bloomberg, The Hill, The New York Times, Politico, USA Today, The Wall Street Journal and The Washington Post have the details.

The Washington Times says the deal leaves all the tough decisions to the 12-member fiscal panel it creates. The Financial Times says the committee’s recommendations will set up another big fight in Congress.

The New York Times and Politico analyze how the debt ceiling deal came together.

The New York Times looks at how the deal will affect the states. In a separate story, The Times examines how it will affect the Defense Department.

On the opinion pages: The New York Times looks at Republican hypocrisy on earmarks; The Washington Post and Carmen Reinhart say, even with the debt ceiling deal, the U.S. still faces a fiscal crisis; and Eric Singer examines the negative effects Congressional deliberations have on the stock market.

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