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Tag Archive | "Deficit Reduction"

Congressional Update: Fiscal Year 2012 Budget

  • April 13, 2011 – President Obama presented his fiscal proposal.
  • April 20, 2011 – House passed Republican Budget Resolution – “The Path to Prosperity.”
  • Early May – Gang of Six – Budget Committee Chairman Kent Conrad (D-ND), Senator Richard Durbin (D-IL), Senator Mark Warner (D-VA), Senator Tom Coburn (R-OK), Senator Mike Crapo (R-ID), and Senator Saxby Chambliss (R-GA) – expected to release plan to reduce deficit.
  • May 5, 2011 – President’s Bipartisan Commission on Deficit Reduction convenes.  The negotiations will be lead by Vice President Joe Biden.  House and Senate Leadership have designated the following Members of Congress to participate:  Senator Daniel Inouye (D-HI), Senator Max Baucus (D-MT), Rep. Eric Cantor (R-VA), Senator Jon Kyl (R-AZ), Rep. Chris Van Hollen (D-MD), and Rep. James Clyburn (D-SC).
  • Week of May 9 – Possible Senate Budget Committee mark-up of Chairman Conrad’s proposal.
  • May – Senate vote on House Republican Budget Resolution.
  • No later than May 16, 2011 – U.S. will reach its debt limit.
  • Late Summer – Temporary extensions in the debt ceiling tied to specific cuts may be considered.
  • By August 2, 2011 – U.S. Department of Treasury Secretary Timothy Geithner reported that the Department will exhaust all options to avoid a default.

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