The process that was put in place by the Budget Control Act that created the super committee that created the sequestration remains in place, minus the super committee.
One of the reasons why we have the fiscal situation that led to the super committee and the Budget Control Act and the negotiations last year is because those two tax cuts were promoted by the previous President, passed through Congress and signed into law, and were totally unpaid for.
Meanwhile, a special congressional committee established by the recently enacted Budget Control Act began gearing up to recommend budget cuts that could destroy a million jobs jobs tied to the current level of defense spending.
Because the HAA harnesses the vast pool of money that is today distributed inefficiently through the tax break for employer-provided care, and then couples it with clever cost-control mechanisms, the Congressional Budget Office and the Joint Committee on Taxation have judged that the HAA will be revenue neutral or even revenue-enhancing within a few years.
And on top of all of this is the threat of future defense cuts that would be triggered by the budget control act's sequester mechanism in the event that the joint committee, which Frank mentioned I happen to serve on, doesn't come up with a spending reduction package that Congress can pass.
Further reductions are coming with the Budget Control Act of 2011 and the failure of the equally misnamed congressional super-committee.
Separately, as you guys know and I know from your reporting, on the super committee that dealt with the -- as a result of the Budget Control Act, Democrats went extremely far in making significant compromises on issues like entitlements.
There are 14 scheduled days of debate at committee stage on the bill, which gives health professionals more control over spending the budget in England and aims to encourage greater competition with the private sector.
The 2011 Budget Control Act, which raised the debt ceiling and created both the fiscal cliff and a Joint Select Committee on Deficit Reduction, which was supposed to find a way to steer clear of it, required four hundred and eighty-seven billion dollars in cuts to military spending, spread over the next ten years.
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