The compromise debt ceiling law (“The Budget Control Act of 2011”) creates a special joint committee (sometimes called the “Super Committee”) with a stated goal of achieving at least $1.5 trillion in budgetary savings over 10 years, from spending cuts or tax revenue.
The special committee must report a bill with its recommendations by November 23, 2011. The recommendations would then have to be voted on by the full House and Senate under special rules. If the joint committee or Congress fail to act by December 23, 2011 the bill calls for automatic across-the-board cuts, split 50-50 between defense and non-defense spending, including Medicare. Social Security and Medicaid would be excluded from those automatic cuts.
The plan also requires the House and Senate to vote on a balanced budget amendment to the Constitution, which would require a 2/3 majority in both houses. That vote must take place by December 31, 2011.