President Obama signed the Budget Control Act of 2011 on August 2, just hours after the U.S. Senate approved the measure, which would raise the debt limit as much as $2.4 trillion. Obama then launched into a public and phony political attack against the same tax "loopholes" that the White House website is promoting for energy companies.
The Budget Control Act of 2011 would trim about $900 billion of an expected $7-8 trillion in projected deficit spending increases over the next 10 years and set up a 12-member super-committee of Congress charged with finding an additional $1.5 trillion in savings. The so-called "Super Congress" would be authorized to find spending cuts or tax increases, and its findings would be fast-tracked through Congress (i.e., voted on without amendment and limited debate). The bill wouldn't actually cut any spending in an absolute sense; spending would continue to increase. But the bill would trim projected future spending increases.
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