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Budget Control Act Of 2011
The Budget Control Act of 2011 () is a Law of the United States#Federal law, federal statute enacted by the 112th United States Congress and signed into law by President of the United States, US President Barack Obama on August 2, 2011. The Act brought conclusion to the 2011 United States debt-ceiling crisis, 2011 US debt-ceiling crisis. The law involves the introduction of several complex mechanisms, such as creation of the Congressional United States Congress Joint Select Committee on Deficit Reduction, Joint Select Committee on Deficit Reduction (sometimes called the "super committee"), options for a balanced budget amendment, and automatic budget sequestration. Provisions Debt ceiling: * The United States public debt#Debt ceiling, debt ceiling was increased by $400 billion immediately. * The President could request a further increase of $500 billion, which is subject to a congressional motion of disapproval which the President may veto, in which case a two-thirds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gramm–Rudman–Hollings Balanced Budget Act
The Gramm–Rudman–Hollings Balanced Budget and Emergency Deficit Control Act of 1985 and the Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987 (both often known as Gramm–Rudman) were the first binding spending constraints on the federal budget. After enactment, these Acts were often referred to as "Gramm-Rudman-Hollings I" and Gramm-Rudman-Hollings II) after U.S. Senators Phil Gramm ( R-Texas), Warren Rudman ( R-New Hampshire), and Fritz Hollings ( D-South Carolina), who were credited as their chief authors. Provisions of Acts The term " budget sequestration" was first used to describe a section of the Gramm–Rudman–Hollings Deficit Reduction Act of 1985. The Acts aimed to cut the United States federal budget deficit. This deficit is the amount by which expenditures by the federal government exceed its revenues each year and was at the time the largest in history in dollar terms. The Acts provided for automatic spending cuts ("cancellation of bud ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget Sequestration
Budget sequestration is a provision of United States law that causes an across-the-board reduction in certain kinds of spending included in the federal budget. Sequestration involves setting a hard cap on the amount of government spending within broadly defined categories; if Congress enacts annual appropriations legislation that exceeds these caps, an across-the-board spending cut is automatically imposed on these categories, affecting all departments and programs by an equal percentage. The amount exceeding the budget limit is held back by the Treasury and not transferred to the agencies specified in the appropriation bills. The word sequestration was derived from a legal term referring to the seizing of property by an agent of the court, to prevent destruction or harm, while any dispute over said property is resolved in court. The term "budget sequestration" was first used to describe an enforcement procedure of the Balanced Budget and Emergency Deficit Control Act of 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balanced Budget Act Of 1997
The Balanced Budget Act of 1997 () was an omnibus legislative package enacted by the United States Congress, using the budget Reconciliation (U.S. Congress), reconciliation process, and designed to balance the federal budget by 2002. This act was enacted during Bill Clinton's second term as president. According to the Congressional Budget Office, the act was to result in $160 billion in spending reductions between 1998 and 2002. After taking into account an increase in spending on Welfare and Children's Healthcare, the savings totaled $127 billion. Medicare cuts were responsible for $112 billion, and hospital inpatient and outpatient payments covered $44 billion. In order to reduce Medicare (United States), Medicare spending, the act reduced payments to health service providers. However, some of those changes to payments were reversed by subsequent legislation in 1999 and 2000. Overview The Balanced Budget Act was introduced on June 24, 1997, by Republican Party (United Stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bush Tax Cuts
The phrase Bush tax cuts refers to changes to the United States tax code passed originally during the presidency of George W. Bush and extended during the presidency of Barack Obama, through: * Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) * Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) * Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 * American Taxpayer Relief Act of 2012 (partial extension) While each act has its own legislative history and effect on the tax code, the JGTRRA amplified and accelerated aspects of the EGTRRA. Since 2003, the two acts have often been spoken of together, especially in terms of analyzing their effect on the U.S. economy and population and in discussing their political ramifications. Both laws were passed using controversial congressional reconciliation procedures. The Bush tax cuts had sunset provisions that made them expire at the end of 2010, since otherwise they would fall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baseline (budgeting)
Baseline budgeting is an accounting method the United States Federal Government uses to develop a budget for future years. Baseline budgeting uses current spending levels as the "baseline" for establishing future funding requirements and assumes future budgets will equal the current budget times the inflation rate times the population growth rate. Twice a year—generally in January and August—CBO prepares baseline projections of federal revenues, outlays, and the surplus or deficit. Those projections are designed to show what would happen if current budgetary policies were continued as is—that is, they serve as a benchmark for assessing possible changes in policy. They are not forecasts of actual budget outcomes, since the Congress will undoubtedly enact legislation that will change revenues and outlays. Similarly, they are not intended to represent the appropriate or desirable levels of federal taxes and spending.See Statement of Paul N. Van de Water cited above Baseline Acc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Base Realignment And Closure
Base Realignment and Closure (BRAC) was a process by a Federal government of the United States, United States federal government commission to increase the efficiency of the United States Department of Defense by coordinating the realignment and closure of List of American military installations, military installations following the end of the Cold War. Over 350 installations have been closed in five BRAC rounds: 1988, 1991, 1993, 1995, and 2005. These five BRAC rounds constitute a combined savings of $12 billion annually. Background The Federal Property and Administrative Services Act of 1949, passed after the 1947 reorganization of the National Military Establishment, reduced the number of U.S. military bases, forts, posts, and stations. The subsequent 1950s buildup for the Cold War (e.g., during the Korean War) resulted in large numbers of new installations, such as the Permanent System radar stations and Semi-Automatic Ground Environment (SAGE) NORAD Control Center, control ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2012 United States Federal Budget
The 2012 United States federal budget was the United States federal budget, budget to fund Federal government of the United States, government operations for the fiscal year 2012, which lasted from October 1, 2011, through September 30, 2012. The original spending request was issued by President of the United States, President Barack Obama in February 2011. That April, the Republican-held United States House of Representatives, House of Representatives announced a competing plan, ''The Path to Prosperity'', emboldened by a major victory in the United States House of Representatives elections, 2010, 2010 Congressional elections associated with the Tea Party movement. The budget plans were both intended to focus on United States public debt, deficit reduction, but differed in their changes to Taxation in the United States, taxation, Expenditures in the United States federal budget#Mandatory spending and entitlements, entitlement programs, Military budget of the United States, de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Christian Post
''The Christian Post'' is an American non-denominational, conservative, evangelical Christian online newspaper. Based in Washington, D.C., it was founded in March 2004. News topics include the Church, ministries, missions, education, Christian media, health, opinions, U.S. events, and international events. Also featured are devotionals, cartoons, and videos. Its executive editor is Richard Land, former president of Southern Evangelical Seminary, and president emeritus of the Southern Baptist Convention's Ethics & Religious Liberty Commission. Christopher Chou is CEO. History The online newspaper was founded in March 2004. The objective is to deliver news, information, and commentaries relevant to Christians across denominational lines and to bring greater attention to activities of Christians and Christian groups in United States and around the world. It moved its headquarters from San Francisco, California to Washington, D.C. in 2006. In 2017, the website had a monthly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt Limit
A debt limit or debt ceiling is a legislative mechanism restricting the total amount that a country can borrow or how much debt it can be permitted to take on. Several countries have debt limitation restrictions. Description A debt limit is a legislative mechanism restricting the total amount that a country can borrow or how much debt it can be permitted to take on. It is usually set as percentage of GDP, but in a few cases as an absolute amount (for example, $200 billion). Use Several countries have debt limitation laws in place. Only Denmark and the United States have a debt ceiling that is set at an absolute amount rather than a percentage of GDP. The US Congress began using the measure in 1917 and modified the financing law in 1939 to give the treasury more flexibility in issuing debt. In Denmark, a debt ceiling became necessary in 1993 as a constitutional waiver when day-to-day responsibility for the public debt was transferred to the National Bank from the Ministry ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balanced Budget Amendment
A balanced budget amendment or debt brake is a constitutional rule requiring that a state cannot spend more than its income. It requires a balance between the projected receipts and expenditures of the government. Balanced-budget provisions have been added to the constitutions of Germany, Hong Kong, Italy, Poland, Slovenia, Spain and Switzerland, among others, as well as to the constitutions of most U.S. states. In the United States, the Republican Party has in the past advocated but no longer advocates for the introduction of a balanced budget amendment to the United States Constitution. Balanced budget amendments are defended with arguments that they reduce deficit spending and constrain politicians from making irresponsible short-term spending decisions when they are in office. Research shows that balanced budget amendments lead to greater fiscal discipline. However, there is substantial agreement among economists that ''strict annual'' balanced budget amendments have harm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trillion (short Scale)
This list contains selected positive numbers in increasing order, including counts of things, dimensionless quantities and probabilities. Each number is given a name in the short scale, which is used in English-speaking countries, as well as a name in the long scale, which is used in some of the countries that do not have English as their national language. Smaller than (one googolth) * ''Physics:'' The probability of a human spontaneously teleporting due to quantum effects is approximately 10−4.5×1029. * ''Mathematics – random selections:'' Approximately is a rough first estimate of the probability that a typing " monkey", or an English-illiterate typing robot, when placed in front of a typewriter, will type out William Shakespeare's play ''Hamlet'' as its first set of inputs, on the precondition it typed the needed number of characters. However, demanding correct punctuation, capitalization, and spacing, the probability falls to around 10−360,783. * ''C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Los Angeles Times
The ''Los Angeles Times'' is an American Newspaper#Daily, daily newspaper that began publishing in Los Angeles, California, in 1881. Based in the Greater Los Angeles city of El Segundo, California, El Segundo since 2018, it is the List of newspapers in the United States, sixth-largest newspaper in the U.S. and the largest in the Western United States with a print circulation of 118,760. It has 500,000 online subscribers, the fifth-largest among U.S. newspapers. Owned by Patrick Soon-Shiong and published by California Times, the paper has won over 40 Pulitzer Prizes since its founding. In the 19th century, the paper developed a reputation for civic boosterism and opposition to Trade union, labor unions, the latter of which led to the Los Angeles Times bombing, bombing of its headquarters in 1910. The paper's profile grew substantially in the 1960s under publisher Otis Chandler, who adopted a more national focus. As with other regional newspapers in California and the United Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
