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The Budget Control Act of 2011 ( Pub. L. 112–25 (text) (PDF), S. 365, 125 Stat. 240, enacted August 2, 2011) is a federal statute enacted by the 112th United States Congress and signed into law by US President Barack Obama on August 2, 2011. The Act brought conclusion to the 2011 US debt-ceiling crisis .
On August 2, 2011, Congress passed the Budget Control Act of 2011 as part of an agreement to resolve the debt-ceiling crisis. The Act provided for a Joint Select Committee on Deficit Reduction (the "super committee") to produce legislation by late November that would decrease the deficit by $1.2 trillion over ten years.
The agreement specified an incentive for Congress to act. If Congress fails to produce a deficit reduction bill with at least $1.2 trillion in cuts, then Congress can grant a $1.2 trillion increase in the debt ceiling. This would trigger across-the-board cuts ("sequestration") of spending, equally split between defense and non-defense programs ...
The Joint Select Committee on Deficit Reduction, [ 1] colloquially referred to as the Supercommittee, was a joint select committee of the United States Congress, created by the Budget Control Act of 2011 on August 2, 2011. This act was intended to prevent the sovereign default that could have resulted from the 2011 United States debt-ceiling ...
On August 2, 2011, President Obama signed the Budget Control Act of 2011 as part of an agreement with Congress to resolve the debt-ceiling crisis.The Act provided for a Joint Select Committee on Deficit Reduction (the "super committee") to produce legislation by late November that would decrease the deficit by $1.2 trillion over ten years.
The Inflation Reduction Act of 2022 (IRA) is a landmark [1] [2] United States federal law which aims to reduce the federal government budget deficit, lower prescription drug prices, and invest in domestic energy production while promoting clean energy.
And Biden has signed some deficit-fighting bills; his signature Inflation Reduction Act of 2022 is expected to bring down deficits by a total of more than $230 billion over a decade, while the ...
On August 2, 2011, after a lengthy congressional debt limit debate, Obama signed into law the bipartisan Budget Control Act of 2011, which enforced limits on discretionary spending until 2021 (the "sequester"), established a procedure to increase the debt limit, created a Congressional Joint Select Committee on Deficit Reduction to propose ...