The "fiscal cliff" deal House Republicans and President Barack Obama are debating can be called many things—the "avoiding a political nightmare" deal or a "Yes, Mr. Obama, may I have another" deal—but please let's stop referring to it as a "deficit reduction" deal. We've yet to see a serious proposal on debt, says David Harsanyi.

When you cut through the coverage, in fact, you'll find that the second most pressing item on the president's agenda—after tax hikes on the wealthy and small businesses—is winning the unlimited authority to raise the country's debt limit.