Signed by President Barack Obama II

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that raises the national debt limit and establishes discretionary spending limits.

Highlights:

• Increases the debt limit as follows, provided that the President has submitted a written certification to Congress no later than December 31, 2011, stating that the national debt is within $100 billion of the debt limit and further borrowing is required to meet existing commitments (Sec. 301):
• To $14.69 trillion from $14.29 trillion upon the President's submission of written certification; and -To $15.19 trillion from $14.69 trillion, if Congress does not enact a joint resolution disapproving of the President's authority to increase the debt limit within 50 calendar days of the President's submission of written certification.

• Requires the Office of Management and Budget to reduce spending by $400 billion if a joint resolution disapproving of the President's authority to increase the debt limit becomes law (Sec. 301).

• Requires both houses of Congress to vote on a joint resolution proposing a balanced budget amendment to the U.S. Constitution, and specifies that this vote must occur between September 30, 2011, and December 31, 2011 (Sec. 201).

• Establishes a Joint Select Committee on Deficit Reduction, the goal of which is to reduce the deficit by at least $1.5 trillion over the period of fiscal years 2012 to 2021 (Sec. 401).

• Increases the debt limit by one of the following additional amounts, if the limit has already been raised to $15.19 trillion, the President submits a second written certification to Congress stating that the national debt is within $100 billion of the new debt limit of $15.19 trillion and that further borrowing is required to meet existing commitments, and Congress does not enact a joint resolution disapproving of the President's authority to increase the debt limit within 15 calendar days of the President's submission of the second written certification (Sec. 301):
• $1.2 trillion; 
• $1.5 trillion, if a balanced budget amendment to the U.S. Constitution has been submitted to the States for ratification; or
• If legislation proposed by the Committee on Deficit Reduction that would reduce the deficit by more than $1.2 trillion is enacted, an amount equal to the amount of the deficit reduction but not more than $1.5 trillion.

• Limits discretionary spending to the following amounts for the following fiscal years, if legislation proposed by the Committee on Deficit Reduction achieving more than $1.2 trillion in deficit reduction is enacted by January 15, 2012 (Secs. 101 & 302):
• $684 billion in discretionary security spending and $359 billion in discretionary non-security spending for fiscal year 2012;
• $686 billion in discretionary security spending and $361 billion in discretionary non-security spending for fiscal year 2013;
• $1.07 trillion in total discretionary spending for fiscal year 2014;
• $1.09 trillion in total discretionary spending for fiscal year 2015;
• $1.11 trillion in total discretionary spending for fiscal year 2016;
• $1.13 trillion in total discretionary spending for fiscal year 2017;
• $1.16 trillion in total discretionary spending for fiscal year 2018;
• $1.18 trillion in total discretionary spending for fiscal year 2019;
• $1.21 trillion in total discretionary spending for fiscal year 2020; and
• $1.23 trillion in total discretionary spending for fiscal year 2021.

• Limits discretionary spending to the following amounts for the following fiscal years, if legislation proposed by the Committee on Deficit Reduction achieving more than $1.2 trillion in deficit reduction is not enacted by January 15, 2012 (Sec. 302):
• $546 billion in discretionary security spending and $501 billion in discretionary non-security spending for fiscal year 2013;
• $556 billion in discretionary security spending and $510 billion in discretionary non-security spending for fiscal year 2014;
• $566 billion in discretionary security spending and $520 billion in discretionary non-security spending for fiscal year 2015;
• $577 billion in discretionary security spending and $530 billion in discretionary non-security spending for fiscal year 2016;
• $590 billion in discretionary security spending and $541 billion in discretionary non-security spending for fiscal year 2017;
• $603 billion in discretionary security spending and $553 billion in discretionary non-security spending for fiscal year 2018;
• $616 billion in discretionary security spending and $566 billion in discretionary non-security spending for fiscal year 2019;
• $630 billion in discretionary security spending and $578 billion in discretionary non-security spending for fiscal year 2020; and
• $644 billion in discretionary security spending and $590 billion in discretionary non-security spending for fiscal year 2021.

• Prohibits Congress from considering any bill, amendment, or joint resolution that would cause the discretionary spending limits to be exceeded (Sec. 105).

• Requires the Office of Management and Budget to reduce as follows discretionary appropriations and direct spending for fiscal years 2013 through 2021 according to a formula based on the total amount of deficit reduction achieved, unless legislation proposed by the Committee on Deficit Reduction achieving more than $1.2 trillion in deficit reduction is enacted by January 15, 2012 (Sec. 302):
• Half of the reduction is to be to defense spending; and
• Half of the reduction is to be to nondefense spending, except that if Medicare programs would be reduced by more than 2 percent in a fiscal year, the Medicare reduction is to be limited to 2 percent and all other nondefense spending reductions are to be increased at equal rates in order to maintain the total reduction required.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that raises the national debt limit and establishes discretionary spending limits.

Highlights:

• Increases the debt limit as follows, provided that the President has submitted a written certification to Congress no later than December 31, 2011, stating that the national debt is within $100 billion of the debt limit and further borrowing is required to meet existing commitments (Sec. 301):
• To $14.69 trillion from $14.29 trillion upon the President's submission of written certification; and -To $15.19 trillion from $14.69 trillion, if Congress does not enact a joint resolution disapproving of the President's authority to increase the debt limit within 50 calendar days of the President's submission of written certification.

• Requires the Office of Management and Budget to reduce spending by $400 billion if a joint resolution disapproving of the President's authority to increase the debt limit becomes law (Sec. 301).

• Requires both houses of Congress to vote on a joint resolution proposing a balanced budget amendment to the U.S. Constitution, and specifies that this vote must occur between September 30, 2011, and December 31, 2011 (Sec. 201).

• Establishes a Joint Select Committee on Deficit Reduction, the goal of which is to reduce the deficit by at least $1.5 trillion over the period of fiscal years 2012 to 2021 (Sec. 401).

• Increases the debt limit by one of the following additional amounts, if the limit has already been raised to $15.19 trillion, the President submits a second written certification to Congress stating that the national debt is within $100 billion of the new debt limit of $15.19 trillion and that further borrowing is required to meet existing commitments, and Congress does not enact a joint resolution disapproving of the President's authority to increase the debt limit within 15 calendar days of the President's submission of the second written certification (Sec. 301):
• $1.2 trillion; 
• $1.5 trillion, if a balanced budget amendment to the U.S. Constitution has been submitted to the States for ratification; or
• If legislation proposed by the Committee on Deficit Reduction that would reduce the deficit by more than $1.2 trillion is enacted, an amount equal to the amount of the deficit reduction but not more than $1.5 trillion.

• Limits discretionary spending to the following amounts for the following fiscal years, if legislation proposed by the Committee on Deficit Reduction achieving more than $1.2 trillion in deficit reduction is enacted by January 15, 2012 (Secs. 101 & 302):
• $684 billion in discretionary security spending and $359 billion in discretionary non-security spending for fiscal year 2012;
• $686 billion in discretionary security spending and $361 billion in discretionary non-security spending for fiscal year 2013;
• $1.07 trillion in total discretionary spending for fiscal year 2014;
• $1.09 trillion in total discretionary spending for fiscal year 2015;
• $1.11 trillion in total discretionary spending for fiscal year 2016;
• $1.13 trillion in total discretionary spending for fiscal year 2017;
• $1.16 trillion in total discretionary spending for fiscal year 2018;
• $1.18 trillion in total discretionary spending for fiscal year 2019;
• $1.21 trillion in total discretionary spending for fiscal year 2020; and
• $1.23 trillion in total discretionary spending for fiscal year 2021.

• Limits discretionary spending to the following amounts for the following fiscal years, if legislation proposed by the Committee on Deficit Reduction achieving more than $1.2 trillion in deficit reduction is not enacted by January 15, 2012 (Sec. 302):
• $546 billion in discretionary security spending and $501 billion in discretionary non-security spending for fiscal year 2013;
• $556 billion in discretionary security spending and $510 billion in discretionary non-security spending for fiscal year 2014;
• $566 billion in discretionary security spending and $520 billion in discretionary non-security spending for fiscal year 2015;
• $577 billion in discretionary security spending and $530 billion in discretionary non-security spending for fiscal year 2016;
• $590 billion in discretionary security spending and $541 billion in discretionary non-security spending for fiscal year 2017;
• $603 billion in discretionary security spending and $553 billion in discretionary non-security spending for fiscal year 2018;
• $616 billion in discretionary security spending and $566 billion in discretionary non-security spending for fiscal year 2019;
• $630 billion in discretionary security spending and $578 billion in discretionary non-security spending for fiscal year 2020; and
• $644 billion in discretionary security spending and $590 billion in discretionary non-security spending for fiscal year 2021.

• Prohibits Congress from considering any bill, amendment, or joint resolution that would cause the discretionary spending limits to be exceeded (Sec. 105).

• Requires the Office of Management and Budget to reduce as follows discretionary appropriations and direct spending for fiscal years 2013 through 2021 according to a formula based on the total amount of deficit reduction achieved, unless legislation proposed by the Committee on Deficit Reduction achieving more than $1.2 trillion in deficit reduction is enacted by January 15, 2012 (Sec. 302):
• Half of the reduction is to be to defense spending; and
• Half of the reduction is to be to nondefense spending, except that if Medicare programs would be reduced by more than 2 percent in a fiscal year, the Medicare reduction is to be limited to 2 percent and all other nondefense spending reductions are to be increased at equal rates in order to maintain the total reduction required.

Full Bill Text

Full Bill Text

Full Bill Text