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Categorized | Legislation

Key Dates for Joint Committee on Deficit Reduction

On August 2, President Obama signed into law the Budget Control Act of 2011, which authorizes an increase in the debt ceiling, caps spending, and provides a process by which an additional $1.2 trillion in cuts will be made.

The law authorizes a Joint Committee of Congress that is required to draft legislation to reduce the deficit by at least $1.2 trillion.  If Congress does not enact such legislation before December 23, 2011, across the board spending cuts would be triggered.  The timeframe by which Congress is required to pass this deficit reduction legislation is short:

  • August 16, 2011 – Members of the Joint Committee on Deficit Reduction Appointed
  • September 16, 2011 – The Joint Committee Meetings Begin
  • October 14, 2011 – House and Senate Committees may submit recommendations for deficit reduction to the Joint Committee
  • November 23, 2011 – The Joint Committee votes on recommendations
  • December 23, 2011 – The House and Senate must vote up or down without amendment on the deficit reduction legislation