This is excerpted from an email sent out a few moments ago from the House Republican Conference:
The Budget Control Act of 2011:
1. Guarantees Passage of the Balanced Budget Amendment for Additional Debt Limit Increase
The Budget Control Act requires the House and Senate to pass balanced budget amendment before the second debt limit increase occurs. This will force each member of Congress to show his or her constituents if they believe Washington should spend money it doesn’t have.
2. Avoids a Default on Current Obligations
The Budget Control Act would cut and cap discretionary spending immediately, cutting $22 billion in spending next year, and saving $917 billion over ten years, and raise the debt ceiling by less – up to $900 billion – in order to avoid default.
3. Rejects Calls for Job-Killing Tax Increases
The Budget Control Act includes no tax hikes, and ensures that if tax hikes are a part of any negotiations for a future debt limit increase, the House can easily vote it down.
4. Cuts More Than It Hikes
The Budget Control Act also creates a Joint Committee of Congress that is required to report legislation that would produce a proposal to reduce the deficit by at least $1.8 trillion over 10 years, in addition to a Balanced Budget Amendment being sent to the states. Each Chamber would consider the proposal of the Joint Committee on an up-or-down basis without any amendments. If the proposal is enacted and a Balanced Budget Amendment is sent to the states, then the president would be authorized to request a debt limit increase of $1.6 trillion.
5. Changes Washington’s Spending Culture
For the first time in the history of modern federal budgeting, House Republicans will cut discretionary federal spending for two straight years. Analysis by the House Budget Committee shows the GOP Budget Control Act achieves roughly 66 percent of the discretionary spending cuts in the House-passed budget.