WASHINGTON (AP) — A top adviser to President Barack Obama said Monday the new deal to avoid a government default lifts a big cloud over the economy, even if the country had to first endure a "three-ring circus" in Washington.

Appearing on morning news shows, senior aide David Plouffe acknowledged that there were key elements of a compromise that eluded the White House and Obama. He said, for example, that the administration will continue to push for new tax revenues.

"The only way to really reduce the deficits significantly in a smart way is to make sure there is smart entitlement reform and closing of loopholes and tax reform," Plouffe said.

The White House adviser called the process "a spectacle" for a jittery country and said, "Let's hope it doesn't get repeated any time soon."

That's why, he said, the White House is pleased the agreement now placed before the House and Senate would extend the new borrowing authority through 2012, rather than for just six months, as many had argued.

Plouffe said that both the Democratic and Republican sides "now have a result that produces good deficit reduction at the front end."

He conceded that the process had "been messy," and said he believes the American people "obviously would like a little bit more compromise and a little less shouting."

On taxes, Plouffe noted that a newly constituted bipartisan congressional panel will "look at tax reform, entitlement reform," as part of a continuing effort to reduce the deficit.

And he said the White House was not worried by lawmakers' criticisms of the pact.

"We think that at the end of the day, this is an agreement that will pass the Senate and the House and President Obama will sign it," Plouffe said.

He appeared on ABC's "Good Morning America," CBS's "The Early Show" and NBC's "Today" show.