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The plan included $3,670 billion in deficit reduction over 10 years, offset by $447 billion in deficit increases (spending and tax cuts) for the proposed American Jobs Act, for a net deficit reduction of $3,222 billion.
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.
The term "budget sequestration" was first used to describe a section of the Gramm–Rudman–Hollings Deficit Reduction Act of 1985. The Acts aimed to cut the United States federal budget deficit. This deficit is the amount by which expenditures by the federal government exceed its revenues each year and was at the time the largest in history ...
The Inflation Reduction Act of 2022 (IRA) is a landmark 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.
House Republicans passed sweeping legislation Wednesday that would raise the government's legal debt ceiling by $1.5 trillion in exchange for steep spending restrictions, a tactical victory for ...
The federal government's gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America's balance sheet in the ...
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.
The Inflation Reduction Act — which still has plenty of hurdles to overcome before it ... 800-290-4726 more ways to reach us. Mail. Sign in. ... paying down our $30 trillion national debt” in ...
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