The new deal extends the debt limit until February 7, 2014. Another report said that it "extends the nation's borrowing authority through Feb. 7". I don't see any mention of a number, like $17.5 trillion or something. This is similar to the previous deal which "suspended" the debt limit through May 19, 2013. Before that on August 2, 2011, the debt limit was raised $2.1 trillion in a strange, 3 part deal subject to a meaningless "resolution of disapproval". The last time the debt limit was raised in the traditional way was on Feb. 12, 2010 when it was raised $1.9 trillion.
So the new limits are based on time, not on numbers. And when the time expires, Congress will just renew it again. I doubt we will ever see a standoff like the one that just ended, and if we do it will just be showmanship and posturing. So the truth is that the debt ceiling has been abolished.
The national debt is now at $16.747 trillion, and it hasn't budged for the last 5 months. I expect the national debt to rise at least $500 billion in the next 20 days. The $17 trillion mark will be breached any day now and I will make a blog post to celebrate another milestone on our path towards infinity.
See also: http://dailycaller.com/2013/10/17/theres-no-actual-debt-ceiling-right-now/
http://www.dailymail.co.uk/news/article-2465544/Surprise-Debt-ceiling-deal-gives-Obama-blank-check-loophole-allow-government-spend-WITHOUT-LIMIT-February.html
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Update: It actually took until 12/16/2013 for the national debt to go up $500 billion. On that date it was at $17.259 tn. So it took 60 days.
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