Budget Control Act of 2011

The Budget Control Act of 2011 was a federal law aimed at reducing the U.S. deficit. It raised the debt ceiling, allowing the government to borrow more money to meet its obligations, while requiring significant cuts in government spending over the following years. The law established caps on discretionary spending and created a "supercommittee" tasked with finding further savings. If the committee failed, automatic cuts, known as sequestration, would take effect across various programs. Essentially, it was a bipartisan effort to manage the country's finances and address growing national debt concerns.