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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.
In 2011, sequestration was used in the Budget Control Act of 2011 (Pub. L. 112-25) as a tool in federal budget control. [2] This 2011 act authorized an increase in the debt ceiling in exchange for $2.4 trillion in deficit reduction over the following ten years.
The two-year budget deal passed by Congress and signed into law by President Trump earlier this month lifted spending caps for the next two years imposed under the 2011 Budget Control Act ...
The Budget Control Act of 2011 led to $917 billion in deficit reduction over the following decade, according to the Committee for a Responsible Federal Budget. But it also came with steep costs.
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 2011 budget deficit will likely be more than the CBO's estimate. Economists at Goldman Sachs ( GS ) are forecasting that this year's deficit will match 2010's $1.3 trillion. A Deficit That's a ...
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.