Due to the government's creative bookkeeping to keep from going over the debt limit, the debt increased by 328 billion the day after the bill was signed. The total debt now stands at 17.075 trillion according to the Federal Reserve. The government had redirected funds amounting to 400 billion from other areas in order to keep up government payments while congress worked on approval of a debt increase.
Under the agreement hammered out this week, the congress gave the president a date deadline and not an amount cap and judging by recent expenditures that could amount to at least 700 billion dollars. The president and Harry Reid have called for an end to the monetary cap, which would allow them to spend all the money they want to without restraints. Republicans have said no.
Republicans originally tried to tie spending cuts to the bill in order to cut runaway spending but they ended up folding like a cheap road map. Democrats claim that unlimited cap would not allow more spending but would only allow the government to pay bills they have already racked up. That logic is flawed since without a cap, they could run up spending without limits.
The only real concession that republicans were able to get was to have the House and senate representatives meet to hammer out a new spending plan. This was also tried during the sequester talks and it failed miserably as democrats wanted higher taxes and more spending and held the republicans hostage.
The members of the negotiations are Paul Ryan, Chris Van Hollen, Patty Murray, and Jeff Sessions. Both republicans, Ryan and Sessions voted against the debt limit agreement, while both Van Hollen and Murray voted for it. That leaves little room for common ground.