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The Budget Control Act of 2011 (Pub. L. 112–25 (text), 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 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 crisis.
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.
Mandatory spending levels have and will continue to be affected by the automatic spending reduction process enacted as part of the Budget Control Act of 2011 (BCA). The BCA imposes small reductions to mandatory spending seeking to cut spending by less than $200 billion from FY2012 to FY2021. [11]
Similarly, the word “budget” is a turnoff because it describes the drudgery of money management — tallying coffee purchases and scouring bank statements for overlapping streaming services.
The act has been amended several times, including provisions in the Balanced Budget and Emergency Deficit Control Act of 1985, the Budget Enforcement Act of 1990, and the Balanced Budget Act of 1997. The original 1974 legislation, however, remains the basic blueprint for budget procedures today.
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 ...
Finally, some aspects of the Simpson–Bowles plan have become law. The Budget Control Act of 2011 included discretionary spending caps, albeit at a lower level. Additionally, the CLASS Act was enacted as Title VIII of the Patient Protection and Affordable Care Act but was repealed January 1, 2013.