Many people are reading Obama's moves wrong, I think. He really did get something out of the deal. See here and here.
The White House official summary is here.
The idea that this doesn't raise taxes is wrong. Obama gets to veto an extension of the Bush Jr. tax cuts:
The Enforcement Mechanism Complements the Forcing Event Already In Law – the Expiration of the Bush Tax Cuts – To Create Pressure for a Balanced Deal: The Bush tax cuts expire as of 1/1/2013, the same date that the spending sequester would go into effect. These two events together will force balanced deficit reduction. Absent a balanced deal, it would enable the President to use his veto pen to ensure nearly $1 trillion in additional deficit reduction by not extending the high-income tax cuts.Liberal Democrats as usual are declaring defeat but I guess I don't see why. Maybe it's because the press is garbling it. But remember, that's their job.