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As amended by the House on 7/29, this bill would give the President new authority to raise the debt ceiling by $900 billion without approval from Congress in exchange for $756 billion in unspecified spending cuts over 10 years and the creation of a special congressional committee to propose more deficit-cutting proposals in the future. That $900 billion increase is designed to last through the end of 2011. To raise the debt ceiling again next year, the President would have to get new approval from Congress unless the special committee results in passage of at least $1.6 trillion more in deficit savings, and Congress has approved a Balanced Budget Amendment to the Constitution. If neither of those conditions are met, Congress would have to pass another debt increase in order to avoid default next year.
Specific Organizations Opposing S.627