Subject: Policy Alert - An Overview and Analysis of the Budget Control Act of 2011
From: "Akin Gump News and Alerts" <[email-masked]>
To: "Biden, Hunter" <[email-masked]>
Date: Mon, 8 Aug 2011 23:48:30 -0400

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August 8, 2011   
        
An Overview and analysis of the Budget Control Act of 2011

On August 2, 2011, the Budget Control Act of 2011 was enacted into law. The statute authorizes the President to increase the debt ceiling by at least $2.1 trillion (and perhaps by as much as $2.4 trillion) in two steps, subject to a congressional disapproval process. In addition, the new law provides for significant deficit reduction of at least $2.1 trillion (and perhaps as much as $2.4 trillion) over the next 10 years. This reduction is accomplished through the establishment of the enacted discretionary spending caps and the anticipated work of a newly created Joint Select Committee on Deficit Reduction (the “Super Committee”). The ultimate total amount of deficit reduction will depend on the success of the Super Committee. In addition, “sequestration” will be imposed as an enforcement mechanism in the event that additional deficit reduction of at least $1.2 trillion is not realized through the Super Committee process. The new statue also ensures a vote by both the House and Senate on a balanced budget amendment to the Constitution by December 31, 2011.

Click here
http://info.akingump.com/reaction/Mkt_Web_Files/Alerts/110805_Budget_Control_Act_2011.pdf
 to read an OVERVIEW of the Budget Control Act.

Click here
http://info.akingump.com/reaction/Mkt_Web_Files/Alerts/110805_Budget_Control_Act_2011-Analysis.pdf
 to read ANALYSIS AND OBSERVATIONS of the Budget Control Act.

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 © 2011 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. IRS Circular 230 Notice Requirement: This communication is not given in the form of a covered opinion, within the meaning of Circular 230 issued by the United States Secretary of the Treasury. Thus, we are required to inform you that you cannot rely upon any tax advice contained in this communication for the purpose of avoiding United States federal tax penalties. In addition, any tax advice contained in this communication may not be used to promote, market or recommend a transaction to another party.

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