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National Urban League Policy Institute: Policy Brief
Overview
The Budget Control Act of 2011, known as the "debt ceiling deal", prevented the United States from going into default, but set up conditions for allowing more federal borrowing that will likely place NUL funding and programs at risk of dramatic and yet-to-be determined cuts and have a negative impact on jobs and the economy. .
The deal sets up two key stages to achieve deficit reduction of $2.4 trillion over ten years: one by placing yearly caps on spending over ten years to achieve $917 billion in savings, and the other by setting up a bipartisan "super committee" of 12 members of Congress to find an additional $1.2 to $1.5 trillion in deficit reduction over ten years through spending cuts and revenues. .
If the "super committee" fails to report legislation that achieves at least $1.2 trillion in deficit reduction, and/or the Congress fails to pass legislation, then deep cuts would be "triggered" through automatic spending cuts to enforce deficit reduction by this amount. .
The National Urban League sent a letter to House and Senate leaders outlining its key criteria for the formation of the super committee. .
Click here to read the full National Urban League Policy Institute: Policy Brief.
