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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 Act brought conclusion to the 2011 US debt-ceiling crisis.
For the current fiscal year, the deficit will rise to $1.9 trillion, or 6.2% of GDP, as the federal government continues to spend more than it collects in revenue.
(The Center Square) – The U.S. Congressional Budget Office released new data showing that in the last calendar year, the federal deficit has risen over $2 trillion. The CBO released its monthly ...
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 U.S. budget deficit rose to $2.71 trillion through August, on track to be the second largest shortfall in history due to trillions of dollars in COVID relief. In its monthly budget report, the ...
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.
Republicans who control the U.S. House of Representatives are trying to overcome internal differences on how to pay for President Donald Trump's sweeping tax cuts, with hardline conservatives ...
[2] [3] On August 1, 2019, the Bipartisan Budget Act of 2019 was passed by the House. The next day, on August 2, 2019, the bill was passed by the Senate and signed into law by President Trump. This act increases spending by $320 billion over levels set in the Budget Control Act of 2011 and removes the possibility of budget sequestration.