The compromise's fine print has plenty of critics on both sides of the aisle, leaving leaders of both parties scrambling to sell the package to their respective members and secure the votes they need to get it passed.
The nonpartisan Congressional Budget Office released a report this morning suggesting the debt framework would trim government spending by $2.1 trillion over 10 years.
Many Democrats and liberal groups are angry that the spending cuts are not coupled with tax increases, as Obama had promised in seeking a "balanced approach," while others have decried a lack of immunity for social service programs from spending cuts.
"This is a Satan sandwich," the head of the Congressional Black Caucus, Rep. Emanuel Cleaver, D-Mo., said in an interview with ABC News. "There's no question about it because there's nothing inside this sandwich that the major religions of the world would say deals with protection for the poor, the widows, the children. It's not in here."
The White House dispatched Vice President Joe Biden to Capitol Hill to meet with House and Senate Democrats to lobby for their support.
"Is this the deal I would have preferred? No," Obama said at the White House last night. "But this compromise does make a serious down payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year."
Meanwhile, many Republicans have also voiced disapproval of the deal, some opposing any increase in the debt limit altogether, with others pledging only to support it if a balanced budget amendment to the Constitution is passed first.
"It isn't the greatest deal in the world, but it shows how much we've changed the terms of the debate in this town," Boehner said on a Sunday night conference call with House Republicans, according to GOP officials. He urged his colleagues to support the deal because it's "all spending cuts. The White House bid to raise taxes has been shut down."