then we turn to my good friend william eldridge frenzel. for those under age 60 you might not be as familiar with william eldridge frenzel as those of us over age 60. he was in congress 20 years on the ways and means committee and ranking member of the budget committee for several terms. he knows as much about the budget as anyone i have encountered in washington. he is going to talk about what i think almost anybody in town--the politics. let me say a few things. i think it is helpful that the agreement has three distinct parts. it raises the debt ceiling which is the point of the whole thing. mostly that is all these agreements did was raise the debt ceiling. this time we did two other things. second we reduced the deficit which is the most complicated and we agreed to have a vote in the house and senate on balanced budget amendment to the constitution. that will take place in the fall. the first -- second part of the deal -- first part of the deal is raising the debt ceiling. that is approximately $900 billion and there will be a subseque