Snap-O Fact #50
Post date: Dec 26, 2011 11:37:7 PM
Snap-O Fact #50
President Obama Actually Curtailed The Governments Ability to Spend Freely.
Abstract
In order to cut spending to decrease the National Debt level, President Obama signed the Budget Control Act on Aug 3, 2011. This legislation promises no new taxes, no blank check for presidential spending, and it guarantees that spending cuts are always greater than the debt limit. Specifically, the discretionary spending (also known as annual appropriations) will be cut to avoid a spending deficit in the government’s programs. In addition, the bill proposed to create a new joint committee including 12 members (6 Democrats and 6 Republicans) aiming at the goal of reducing deficit by $1.5 trillion over 10 years. The law also controls future spending by limiting spending and debt for federal programs.
Sources:
http://budget.house.gov/BudgetControlAct2011/
http://www.gpo.gov/fdsys/pkg/BILLS-112s365enr/pdf/BILLS-112s365enr.pdf
http://www.speaker.gov/News/DocumentSingle.aspx?DocumentID=254628