Tag Archives: congress

Debt Deal Timeline

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.


Chart Geek: What Gets Cut If The Debt Commission Doesn’t Agree

via Matthew Yglesias

Video Geek: Debt Ceiling Deal All Cuts No Taxes

via Real News Network

Debt Ceiling Basics

The Basics:
Current Debt Limit: $14.29 trillion
Default Deadlines: August 2nd
Increase Needed Through 2012: $2.4 trillion
Plans: Cuts, Taxes or Both in Exchange for Debt Ceiling Increase
The Plans:
Grand Deal: $4 Trillion in Deficit Reduction Over 10 Years
Reid Plan: $2.7 Trillion in Cuts Over 10 years
Boehner Plan: $2.6 Trillion in Cuts in Two Installments
Gang of Six Plan: $3.7 Trillion Over 10 years and Tax Reforms
Short-Term Plan: $1.5 Trillion to $100 Billion in Offsets
Backup Plan: Shifts the Approval Process

Debt ceiling negotiations fell apart this weekend, and now leaders from both parties are moving forward with alternative solutions and backup plans. Senate Majority Leader Harry Reid is drafting a plan that would include budget cuts meeting or exceeding the additional authorization in federal borrowing, and it would not include new revenues. Speaker of the House John Boehner is circulating a plan that would make spending cuts that are larger than any debt ceiling increase; implement spending caps; and advancing the Balanced Budget Amendment – without raising taxes. The Obama Administration opposes the Republican two-stage short-term proposal to raise the debt ceiling with an increase of about $1 trillion immediately and then again in a year depending on a deficit-reduction commission’s recommendations.