The debt ceiling deal has been signed into law, after requiring tough concessions from Democrats and Democrats alike (Does 2% count as a concession?). We know what is in the deal – $917 billion in deficit reduction over the next decade, $1.5 trillion of deficit cuts from the Super Congress, and an increase of the debt ceiling through 2012. But, when is this all going to happen? The Sunlight Foundation has broken down the when:
Tuesday, August 2, 2011. Date of Enactment of Budget Control Act
Tuesday, August 16, 2011. Co-Chairs and Committee Members Appointed
Friday, September 9, 2011. Latest possible date of announcement of the first Joint Committee hearing.
Wednesday, September 14, 2011. Latest possible date to release agenda for first meeting to Committee members.
Wednesday, September 14, 2011. Latest possible date for filing of witness statements for first hearing.
Friday, September 16, 2011. Latest possible date for first Joint Committee Meeting.
Saturday, October 1, 2011. Start of FY 2012.
Friday, October 14, 2011. House and Senate Committees transmit recommendations to Joint Committee.
Wednesday, November 23, 2011. Joint Committee vote on report and proposed legislative language.
Saturday, November 26, 2011. Filing of additional views.
Friday, December 2, 2011. Joint Committee submit report and legislative language.
Friday, December 9, 2011. House and Senate Committees must report the bills to the full chamber.
Likely December 13 or 14, 2011. Senate debate may start.
Friday, December 23, 2011. Date by which vote in passage in House or Senate must occur.
If the President vetoes the joint committee bill, debate on a veto message in the Senate shall be 1 hour.
Saturday, December 31, 2011. Latest possible date for vote by House or Senate on Balanced Budget Amendment.
Saturday, December 31, 2011. Latest possible date for President to submit first certification to raise debt limit — automatic raise of $400 billion.
January 31, 2012. Joint Committee terminates.
Sunday, February 19, 2012. Latest possible date for Congress to disapprove of first debt limit increase.