Created as part of the debt ceiling law (PL 112-25), the 12-member, bipartisan Joint Select Committee on Deficit Reduction, also called the “Super Committee,” has broad authority to find as much as $1.5 billion in savings by Nov. 23 that Congress must consider in an up-or-down vote by Dec. 23. If no cuts are approved by Congress at that time, the deal would trigger across-the-board cuts in discretionary spending over 10 years, with the first automatic cuts taking effect Jan. 2013. So far, there are more questions than answers about the trade-offs and shifts in spending, entitlements and taxes that the committee must address. House and Senate leaders have now named the committee members.
Senate Majority Leader Harry Reid (D-NV) named:
- Patty Murray (D-WA): Chair of the Democratic Senatorial Campaign Committee; will serve as co-chairman of the debt committee
- Max Baucus (D-MT): Chair of the Senate Finance Committee
- John Kerry (D-MA): Chair of the Senate Foreign Relations Committee
Senate Minority Leader Mitch McConnell (R-KY) named:
- Jon Kyl (R-AZ): Senate Minority Whip
- Rob Portman (R-OH)
- Patrick Toomey (R-PA)
House Speaker John Boehner (R-OH) named:
- Jeb Hensarling (R-TX): Vice Chair of the House Financial Services Committee; will serve as co-chairman of the debt committee
- Dave Camp (R-MI): Chair of the House Ways and Means Committee
- Fred Upton (R-MI): Chair of the House Energy and Commerce Committee
House Minority Leader Nancy Pelosi (D-CA) named:
- James E. Clyburn (D-SC): Assistant Democratic Leader
- Xavier Becerra (D-CA): Democratic Caucus Vice Chair
- Chris Van Hollen (D-MD): Budget Committee Ranking Member
| Key Dates for the Joint Committee | |
| September 16, 2011 | First meeting of the Joint Committee |
| Between October 1 and December 31, 2011 | Both houses of Congress must vote on a Balanced Budget Amendment |
| October 14, 2011 | Deadline for House and Senate committees to submit recommendations for mandatory program/ revenue changes to the Jt. Committee |
| November 23, 2011 | Deadline for the Jt. Committee to vote on a plan to achieve $1.5 trillion in deficit reduction from 2012 through 2021. If they reach agreement with at least seven votes they must make recommendations to Congress and the President by Dec. 2 |
| December 23, 2011 | Deadline for final action on Jt. Committee bill by House and Senate |
| January 15, 2012 | Date that the “trigger” leading to $1.2 trillion of future spending cuts goes into effect if the Jt. Committee’s legislation has not been enacted; automatic spending cuts to both defense and non-exempt domestic programs would occur |
| February 2012 | The first $900 billion of debt ceiling increase runs out |
| No later than January 2 of each year, 2013 through 2021 | Discretionary sequestration (automatic spending cuts) imposed if discretionary caps breached |