|Description of Updates to the Legislation
July 27, 2011
The Budget Control Act has been updated to make certain that House Republicans fulfill their pledge to cut spending more than we increase the debt limit. Congressional Budget Office numbers confirm that the updated legislation adheres to this pledge: no new taxes; no blank check for the President; spending cuts greater than the size of the debt limit increase. Continue reading “U.S. House Committee on the Budget – The Budget Control Act of 2011”
An Act to provide for budget control112th United States Congress
From Wikipedia, the free encyclopedia
Effective: August 2, 2011
Public Law: Pub.L. 112–25
Stat: 125 Stat. 239
Balanced Budget and Emergency Deficit Control Act of 1985
Congressional Budget and Impoundment Control Act of 1974
Deficit Reduction Act of 2005
Introduced in the Senate as “An original bill to make a technical amendment to the Education Sciences Reform Act of 2002” (S. 365) by Tom Harkin (D-IA) on February 16, 2011. Committee consideration by: Health, Education, Labor, and Pensions. Passed the Senate on February 17, 2011 (Unanimous consent). Passed the House as the “Budget Control Act of 2011” on August 1, 2011 (269–161) with amendment. Senate agreed to House amendment on August 2, 2011 (74–26). Signed into law by President Barack Obama on August 2, 2011
The Budget Control Act of 2011 (Pub.L. 112–25, S. 365, 125 Stat. 240, enacted August 2, 2011) is a federal statute in the United States that was signed into law by President Barack Obama on August 2, 2011. The Act brought conclusion to the 2011 United States debt-ceiling crisis, which had threatened to lead the United States into sovereign default on or about August 3, 2011. The law involves the introduction of several complex mechanisms, such as creation of the Congressional Joint Select Committee on Deficit Reduction (sometimes called the “super committee”), options for a balanced budget amendment and automatic budget sequestration. Continue reading “Sequestration – Whose Idea Was It Anyway?”
Sequestration Furloughs Won’t Begin Before April
- By Eric Katz February 14, 2013
Federal agencies will not furlough employees until April, should automatic budget cuts set to go into effect March 1 take place, an Obama administration official said Thursday.
Office of Management and Budget Controller Danny Werfel told the Senate Appropriations Committee that union negotiations would start on March 1, if sequestration hasn’t been averted, and federal employees would not receive furlough notices until mid-March. Continue reading “Sequestration Furloughs Won’t Begin Before April”
The question in Washington is no longer whether the automatic spending cuts known as the sequester will be implemented: It’s when and even if the spending reductions will ever be shut off.
The $85 billion in cuts looming on March 1 would run through the end of the fiscal year on Sept. 30, leaving more than $900 billion in cuts for Congress and the White House to wrangle with over the next eight years.
Pressure may intensify to pass sequester legislation in March as federal workers are furloughed and Pentagon and other government programs are cut. Continue reading “With 2 weeks until deadline, $85B sequester is looking inevitable”
Senate Democratic leaders unveiled a $110 billion sequester-replacement bill at a closed-door caucus meeting Thursday that would replace $85 billion in automatic spending cuts set to hit March 1.
The Senate Democratic package is split evenly between spending cuts and provisions raising new tax revenues, according to a Democratic source.
It would raise nearly $54 billion in taxes by implementing the Buffett Rule, setting a minimum effective tax rate for wealthy individuals and families. It would raise additional revenues by changing the tax treatment of oil extraction from oil sands. Continue reading “Senate Dems unveil $110 billion sequester-replacement package”