Law360, New York (July 25, 2012, 1:50 PM ET) -- Last August, Congress passed the Budget Control Act of 2011 (“BCA”) (Pub. L. 112-25). This law authorized raising the debt ceiling, established caps on discretionary spending, and put a process in place to reduce the federal deficit. The provisions to raise the debt ceiling have been triggered, so that the federal borrowing limit now stands at $16.4 trillion. In brief, the BCA:
imposed caps on discretionary spending beginning in October 2011 that will generate $917 billion in savings over the next 10 years; created a bipartisan,...
Understanding Sequestration And The WARN Act
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