There Are 2 Very Bullish Economic Themes Dominating Washington

Critics note that under the terms of the deal, we would wind up back here again in a few months.

Potomac Research Group political strategist Greg Valliere is not going down that road.

"We think it's worth reiterating the two very bullish themes that still dominate this city," he wrote in a note this morning.

Here's what he said:

THEME ONE: THIS IS THE MOST DOVISH FED IN OUR LIFETIMES, with central bankers in no rush to begin tapering their asset purchases in light of the damage done to fourth quarter GDP growth. (We'll hear from former Fed Vice Chairman Don Kohn on a conference call next Thursday.)

THEME TWO: FISCAL RESTRAINT is still firmly in place, with the budget deficit in free-fall. Yes, the past two months were an embarrassment, but more fiscal restraint is coming -- either another year of sequester or fresh spending reforms, which brings us to our contrarian view of the next chapter.

Valliere assigned a 40% chance of a new deal by mid-December. And if there is a deal, he says, the fiscal restraint story will prove even more bullish.