Just do the math:
Of [the deal's] estimated $900 billion-plus cost over two years, roughly $120 billion covers the high-end tax cuts and the estate tax cut, $450 billion covers Mr. Obama’s wish list and $360 billion covers the tax cut extensions both parties favored.
The core reason to be angry at this deal is fury that the richest will keep their tax rates. I agree that, given the need for revenue, this is irresponsible. But, unlike some liberals, I'd prefer no income tax rises at all for anyone, and tackling the debt through ending tax breaks, reforming the code, and cutting entitlements and defense. I'd be open to a consumption tax if necessary (and I'm sure some revenue increase is necessary). But the core fact of the post-election deal is the following: Obama gave the GOP their symbol while grabbing a huge amount of substance - substance that Democrats should like and substance that will likely help him win re-election.