August 11, 2011

Joint Select Committee on Deficit Reduction: Timeline & Deadlines

By Brianna C. Fields

Timeline

August 16, 2011:  members of the Joint Select Committee on Deficit Reduction to be appointed.

September 16, 2011:  Joint Select Committee on Deficit Reduction must hold its first meeting.  

September 22, 2011:  Congress must consider a resolution of disapproval for first tranche ($900 billion) of debt limit increase.  

October 1-December 31, 2011:  the House and Senate must vote on a Balanced Budget Amendment.

October 14, 2011:  deadline for House and Senate committees to submit recommendations to the Joint Select Committee on Deficit Reduction.

November 23, 2011:  deadline for the Joint Select Committee on Deficit Reduction to vote on a plan with the goal (not a requirement) of $1.5 trillion in deficit reduction.   

December 2, 2011:  Joint Select Committee must submit report and legislative language to the President and Congress.

December 23, 2011:  Deadline for the House and Senate to vote on the Joint Select Committee on Deficit Reduction’s bill.     

January 15, 2012:  “trigger” date leading to $1.2 trillion of future spending cuts goes into effect, if the Joint Select Committee on Deficit Reduction’s legislation has not been enacted. 

February 2012:  Approximately when the first $900 billion of debt ceiling increase runs out. 

February/March 2012:  in this period—15 days after the President uses his authority under the bill to increase the debt ceiling a second time—is the deadline for Congress to consider a resolution of disapproval for the second tranche ($1.2-$1.5 trillion) of debt limit increase.  

Fall/Winter 2012:  additional $2.1-$2.4 trillion of borrowing authority from this law runs out. 

January 2, 2013:  OMB orders sequestrations for defense and non-defense categories of spending necessary to meet spending cuts required by the “trigger.”

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