Debt Ceiling Bill
Anyone else curious about what exactly is in that bill? Well, now you'll know.
S.365
Latest Title: Budget Control Act of 2011
Sponsor: Sen Harkin, Tom [IA] (introduced 2/16/2011) Cosponsors (None)
Related Bills: H.CON.RES.70, H.RES.384, S.627
Latest Major Action: Became Public Law No: 112-25
SUMMARY AS OF:
8/1/2011--Passed House amended. (There are 3 other summaries)
Budget Control Act of 2011 - Title I: Ten-Year Discretionary Caps with Sequester - (Sec. 101) Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to revise sequestration requirements for enforcement of discretionary spending limits (spending caps).
Requires the Office of Management and Budget (OMB) to conduct such a sequestration to eliminate a budget year breach, if any.
Eliminates specific formula requirements for adjustments to discretionary spending limits for: (1) highways, (2) allowances for the International Monetary Fund (IMF), (3) specified allowances for international arrearages, (4) the earned income tax credit (EITC) compliance initiative, (5) Department of Health and Human Services (HHS) adoption incentive payments, and (6) conservation.
Requires the OMB sequestration report and the President's budget to include adjustments to discretionary spending limits for the fiscal year and each succeeding year for: (1) emergency appropriations or Overseas Contingency Operations/Global War on Terrorism, (2) health care fraud and abuse control, and (3) disaster relief.
Establishes discretionary spending limits for security and nonsecurity categories for FY2012-FY2021.
Defines "security category" as discretionary appropriations associated with agency budgets for the Department of Defense (DOD), the Department of Homeland Security (DHS), the Department of Veterans Affairs (VA), the National Nuclear Security Administration (NNSA), the intelligence community management account (95-0401-0-1-054), and all budget accounts in budget function 150 (international affairs).
(Sec. 103) Requires discretionary preview and final sequestration reports to specify estimates for the current year and each subsequent year through 2021 of the applicable discretionary spending limits for each category and an explanation of any adjustments in such limits. Requires: (1) sequestration update reports to include a preview estimate of the adjustment for disaster funding for the upcoming fiscal year, and (2) final sequestration reports for the current year and each subsequent year through 2021 to include a final estimate of the adjustment for disaster funding.
(Sec. 104) Repeals the expiration of (thus making permanent) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
(Sec. 105) Amends the Congressional Budget and Impoundment Control Act of 1974 to allow the chairman of the Budget Committee of the House of Representatives or of the Senate to make appropriate budgetary adjustments of new budget authority and outlays in the same amount required by the Gramm-Rudman-Hollings Act.
Prohibits in the House the chair of the Committee on the Budget from counting the budgetary effects of a reported bill or joint resolution, amendment, or conference report that contains a provision (designated as an emergency requirement) providing new budget authority and outlays or reducing revenue, for purposes of the Congressional Budget Act of 1974 (CBA), this Act, and the Rules of the House of Representatives.
Makes it out of order in both chambers to consider any legislation or motion that would cause the discretionary spending limits to be exceeded.
(Sec. 106) Provides that, for purposes of enforcing the CBA through April 15, 2012, and enforcing budgetary points of order in prior concurrent budget resolutions, the allocations, aggregates, and levels established in this Act shall apply in the Senate in the same manner as for a concurrent budget resolution for FY2012 with appropriate budgetary levels for FY2011, and FY2013-FY2021.
Applies after April 15, 2012, and for the same purposes, such allocations, aggregates, and levels in the Senate in the same manner for a concurrent budget resolution for FY2013 with appropriate budgetary levels for FY2012, and FY2014-FY2022.
Prescribes administrative procedures for committee allocations, aggregates, and levels.
Requires the chairman of the Senate Committee on the Budget: (1) effective on the enactment of this Act, to reduce any balances of direct spending and revenues for any fiscal year to 0 (zero); (2) by April 15, 2012, to do the same; and (3) upon resetting the Senate paygo scorescard, to publish notice of such action in the Congressional Record.
Authorizes the chairman to revise any allocations, aggregates, or levels specified in this Act to account for any subsequent adjustments to discretionary spending limits made.
Eliminates the applicable requirements of this section if a concurrent budget resolution for FY2012 or for FY2013 is agreed to by both chambers.
(See the rest of the summary at http://thomas.loc.gov/cgi-bin/bdquery/z?d112:SN00365:@@@D&summ2=m&)
S.365
Latest Title: Budget Control Act of 2011
Sponsor: Sen Harkin, Tom [IA] (introduced 2/16/2011) Cosponsors (None)
Related Bills: H.CON.RES.70, H.RES.384, S.627
Latest Major Action: Became Public Law No: 112-25
SUMMARY AS OF:
8/1/2011--Passed House amended. (There are 3 other summaries)
Budget Control Act of 2011 - Title I: Ten-Year Discretionary Caps with Sequester - (Sec. 101) Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to revise sequestration requirements for enforcement of discretionary spending limits (spending caps).
Requires the Office of Management and Budget (OMB) to conduct such a sequestration to eliminate a budget year breach, if any.
Eliminates specific formula requirements for adjustments to discretionary spending limits for: (1) highways, (2) allowances for the International Monetary Fund (IMF), (3) specified allowances for international arrearages, (4) the earned income tax credit (EITC) compliance initiative, (5) Department of Health and Human Services (HHS) adoption incentive payments, and (6) conservation.
Requires the OMB sequestration report and the President's budget to include adjustments to discretionary spending limits for the fiscal year and each succeeding year for: (1) emergency appropriations or Overseas Contingency Operations/Global War on Terrorism, (2) health care fraud and abuse control, and (3) disaster relief.
Establishes discretionary spending limits for security and nonsecurity categories for FY2012-FY2021.
Defines "security category" as discretionary appropriations associated with agency budgets for the Department of Defense (DOD), the Department of Homeland Security (DHS), the Department of Veterans Affairs (VA), the National Nuclear Security Administration (NNSA), the intelligence community management account (95-0401-0-1-054), and all budget accounts in budget function 150 (international affairs).
(Sec. 103) Requires discretionary preview and final sequestration reports to specify estimates for the current year and each subsequent year through 2021 of the applicable discretionary spending limits for each category and an explanation of any adjustments in such limits. Requires: (1) sequestration update reports to include a preview estimate of the adjustment for disaster funding for the upcoming fiscal year, and (2) final sequestration reports for the current year and each subsequent year through 2021 to include a final estimate of the adjustment for disaster funding.
(Sec. 104) Repeals the expiration of (thus making permanent) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
(Sec. 105) Amends the Congressional Budget and Impoundment Control Act of 1974 to allow the chairman of the Budget Committee of the House of Representatives or of the Senate to make appropriate budgetary adjustments of new budget authority and outlays in the same amount required by the Gramm-Rudman-Hollings Act.
Prohibits in the House the chair of the Committee on the Budget from counting the budgetary effects of a reported bill or joint resolution, amendment, or conference report that contains a provision (designated as an emergency requirement) providing new budget authority and outlays or reducing revenue, for purposes of the Congressional Budget Act of 1974 (CBA), this Act, and the Rules of the House of Representatives.
Makes it out of order in both chambers to consider any legislation or motion that would cause the discretionary spending limits to be exceeded.
(Sec. 106) Provides that, for purposes of enforcing the CBA through April 15, 2012, and enforcing budgetary points of order in prior concurrent budget resolutions, the allocations, aggregates, and levels established in this Act shall apply in the Senate in the same manner as for a concurrent budget resolution for FY2012 with appropriate budgetary levels for FY2011, and FY2013-FY2021.
Applies after April 15, 2012, and for the same purposes, such allocations, aggregates, and levels in the Senate in the same manner for a concurrent budget resolution for FY2013 with appropriate budgetary levels for FY2012, and FY2014-FY2022.
Prescribes administrative procedures for committee allocations, aggregates, and levels.
Requires the chairman of the Senate Committee on the Budget: (1) effective on the enactment of this Act, to reduce any balances of direct spending and revenues for any fiscal year to 0 (zero); (2) by April 15, 2012, to do the same; and (3) upon resetting the Senate paygo scorescard, to publish notice of such action in the Congressional Record.
Authorizes the chairman to revise any allocations, aggregates, or levels specified in this Act to account for any subsequent adjustments to discretionary spending limits made.
Eliminates the applicable requirements of this section if a concurrent budget resolution for FY2012 or for FY2013 is agreed to by both chambers.
(See the rest of the summary at http://thomas.loc.gov/cgi-bin/bdquery/z?d112:SN00365:@@@D&summ2=m&)
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