President Barack Obama welcomed the deficit deal as "an important first step" and urged both parties to work together on a larger plan to cut the deficit. The deal includes no new tax revenue from wealthy Americans and no additional stimulus for the lagging economy. It has a provision to create a joint committee of 12 legislators charged with finding $1.5 trillion in deficit cuts. The committee must hold its first meeting in 45 days and is expected to set in motion a lobbying frenzy.