Budget Control Act of 2011
The Budget Control Act of 2011 was a law passed by the United States Congress to address the federal debt ceiling and reduce the national deficit. It aimed to limit discretionary spending and established automatic spending cuts, known as "sequestration," if Congress failed to agree on budget reductions.
The act also created a bipartisan committee, the Super Committee, tasked with finding additional savings. If the committee did not reach an agreement, the automatic cuts would take effect, impacting various government programs. This legislation was significant in shaping fiscal policy and managing the country's debt during a challenging economic period.