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The Budget Control Act of 2011 was passed in August 2011 as a resolution to the debt-ceiling crisis. The fiscal year (abbreviated as FY) 2013 budget is the first to be affected by the second of two rounds of budget cuts specified in the act. (The first round of cuts has already been applied to the ten years beginning in FY2012.)
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.
The Bipartisan Budget Act of 2013 (H.J.Res. 59; Pub. L. 113–67 (text)) is a federal statute concerning spending and the budget in the United States, that was signed into law by President Barack Obama on December 26, 2013.
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 November 2024. 2013 tax increase and spending decrease This article is part of a series on the Budget and debt in the United States of America Major dimensions Economy Expenditures Federal budget Financial position Military budget Public debt Taxation Unemployment Gov't spending Programs Medicare ...
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 (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 term "budget sequestration" was first used to describe an enforcement procedure of the Balanced Budget and Emergency Deficit Control Act of 1985 (BBEDCA) designed to keep Federal deficits below a maximum level limit. The hard caps were abandoned and replaced with a PAYGO system by the Budget Enforcement Act of 1990, which was in effect ...
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 ...