The Budget Control Act of 2011 was a law passed by Congress that aimed to reduce the federal deficit through spending cuts and the establishment of a bipartisan committee to identify further deficit reduction measures.
Related terms
Sequestration: Sequestration refers to automatic spending cuts triggered by the failure of Congress to reach an agreement on deficit reduction after the enactment of the Budget Control Act.
Supercommittee: The Supercommittee was a bipartisan committee created as part of the Budget Control Act with the goal of finding additional ways to reduce the federal deficit.
Debt Ceiling: The debt ceiling is a limit set by Congress on how much money the government can borrow. It became a significant issue during negotiations related to the Budget Control Act.