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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 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 Congressional Budget Office projected two weeks prior to Obama's first inauguration that the deficit in FY 2009 (a year budgeted by President Bush) would be $1.2 trillion and that the debt increase over the following decade would be $3.1 trillion assuming the expiration of the Bush tax cuts as scheduled in 2010, or around $6.0 trillion if ...
Susan Walsh/AP By Mark Felsenthal WASHINGTON -- U.S. President Barack Obama will offer cuts to Social Security and other entitlement programs in a budget proposal aimed at swaying Republicans to ...
The latest bout of brinkmanship in Washington, D.C., is over the federal budget. President Barack Obama unveiled his proposed cuts earlier this week with plenty of tough talk about fiscal ...
Jan 28 (Reuters) - As Washington has tightened its belt in recent years, the budget cuts have sliced most deeply in states where President Obama is unpopular, according to an analysis of federal ...
The National Commission on Fiscal Responsibility and Reform (often called Simpson–Bowles or Bowles–Simpson from the names of co-chairs Alan Simpson and Erskine Bowles; or NCFRR) was a bipartisan Presidential Commission on deficit reduction, [1] created in 2010 by President Barack Obama to identify "policies to improve the fiscal situation in the medium term and to achieve fiscal ...
Then came the strange, twelve-person Deficit "Supercommittee," tasked with finding a whopping $1.5 trillion in spending cuts over the. It has been a long, confusing summer for the federal budget ...