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The solution came from White House National Economic Council Director Gene Sperling, who, on July 12, 2011, proposed a compulsory trigger that would go into effect if another agreement was not made on tax increases and/or budget cuts equal to or greater than the debt ceiling increase by a future date.
Prior to the 2011 debt ceiling crisis, the debt ceiling was last raised on February 12, 2010 to $14.294 trillion. [ 41 ] [ 42 ] On April 15, 2011, Congress passed the last part of the 2011 United States federal budget in the beginning 2012, authorizing federal government spending for the remainder of the 2011 fiscal year, which ended on ...
This act was intended to prevent the sovereign default that could have resulted from the 2011 United States debt-ceiling crisis. The objective of the committee was to develop a deficit reduction plan over 10 years in addition to the $917 billion of cuts and initial debt limit increase of $900 billion in the Budget Control Act of 2011 that ...
The debt-ceiling drama may be over, but -- for state governments -- the ramifications are just beginning to reverberate. The new law requires a 12-member, bipartisan "super committee" to recommend ...
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The history of the United States debt ceiling deals with movements in the United States debt ceiling since it was created in 1917. Management of the United States public debt is an important part of the macroeconomics of the United States economy and finance system, and the debt ceiling is a limitation on the federal government's ability to manage the economy and finance system.
The proposed Cut, Cap and Balance Act of 2011 was a bill put forward in the 112th United States Congress by Republicans during the 2011 U.S. debt ceiling crisis.The provisions of the bill included a cut in the total amount of federal government spending, a cap on the level of future spending as a percentage of GDP, and, on the condition that Congress pass certain changes to the U.S ...