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Budget Control Act of 2011

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posted on Aug, 2 2011 @ 02:18 AM
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Read the bill:
Text of the Budget Control Act of 2011


OpenCongress Summary
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.


No BS, just read the bill.

My take on it; We're going to have this fight again just in time for election season to start. Balanced Budget Amendment isn't going to pass or there won't be agreement on the findings of the special committee. I'd like, at the very least, a cookie come January for my prediction.

This bill is a compromise. How do I know? Both the far left and the far right hate it.


Specific Organizations Opposing S.627
◦AFL-CIO
◦FreedomWorks


Wow. Just wow.




posted on Aug, 2 2011 @ 02:24 AM
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WOLF!!!!! WOLFFFF



posted on Aug, 2 2011 @ 02:32 AM
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reply to post by links234
 


The passage of this bills scares me more then the idea of "default". It is giving way to much power to such a small group, a 12 member group to decide what to cut. I personally believe that the 2 sides will never agree on how to cut the additional 1.6 trillion. So after that 900 billion is gone we will be right back in the same place sitting here waiting for that last minute plan so all sides can pat each other on the back and tell each other what a good job they did.



 
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