U.S. debt ceiling timeline 2011
Tuesday, Aug. 2
- President Barack Obama signs the Budget Control Act of 2011, raising the debt limit by at least $2.1 trillion.
- Senate passed the Budget Control Act of 2011, 76 to 24.
- Treasury Department’s default deadline.
Monday, Aug. 1
- House approves debt ceiling compromise, 269 to 161.
- Congresswoman Gabrielle Giffords returned to Washington for the first time since she was shot in the head to cast her vote to raise the debt ceiling.
Sunday, July 31
- President Obama announced that a bipartisan debt limit compromise was reached. The compromise will raise the debt ceiling to $2.1 trillion, providing the Treasury Department with enough cash to pay the government’s bills until 2013. The compromise will authorize $1 trillion in immediate cuts to domestic and defense spendings over the course of 10 years. Another $1.5 trillion in cuts will be determined by a bipartisan congressional committee by Nov. 23. Congress will have until Dec. 23 to pass the bipartisan committee’s plan. Failure to do so will trigger $1.5 trillion in automatic cuts and split 50/50 between domestic and defense spendings.
Saturday, July 30
Friday, July 29
- Reid announced he will submit his $2.4 trillion debt limit plan in the Senate.
- President Obama calls on Congress to pass a debt limit increase for his signature by Tuesday, Aug. 2.
- House voted 218 to 210 to approve Speaker John Boehner’s debt limit bill. Senate voted 59 to 41 to discard Boehner’s bill.
Thursday, July 28
- Boehner forced to postpone vote on his debt limit bill.
- Boehner added balanced budget amendment to appease the Tea Party.
Wednesday, July 27
Tuesday, July 26
Monday, July 25
- Reid proposed a $2.7 trillion debt limit plan. The CBO analysis showed that Reid’s plan would reduce the deficit by $2.2 billion.
- Boehner proposed a temporary 6-month debt limit increase, seeking $850 billion in cuts over 10 years.
Tuesday, July 19
Tuesday, July 12
- President Barack Obama warns Social Security checks could be delayed if debt limit agreement isn’t reached soon.
- House Speaker John Boehner (R-OH) says debt limit is Obama’s problem.
- Sen. Sen. Harry Reid (D-NV) scolds Republicans for walking out on debt limit talks.
- Sen. Mitch McConnell (R-KY) proposed his “last choice option” to raise the debt limit.
Monday, July 11
Thursday, June 23, 2011
- House Majority Leader Eric Cantor (R-VA) walked away Vice President Joe Biden’s debt limit negotiations.
Tuesday, May 31
- House rejected H.R. 1954 “to implement the President’s request to increase the statutory limit on the public debt.”
Monday, May 16
- Geithner announced Treasury will implement “extraordinary measures” to extend debt limit deadline to Aug. 2.
Thursday, May 5 – Thursday, June 23
Tuesday, March 1
- The Treasury department projected that the U.S. will reach the debt limit between April 15 and May 31, 2011.
Thursday, February 3
- Geithner sent a letter to Sen. Pat Toomey (R-PA) explaining why “prioritizing” debt obligations in the event Congress doesn’t raise the debt ceiling would not protect U.S. creditworthiness.
Thursday, January 6
- Treasury Secretary Timothy Geithner sent debt limit letter to Congress. “The Treasury Department now estimates that the debt limit will be reached as early as March 31, 2011, and most likely sometime between that date and May 16, 2011.”
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