"Debt Bill" Budget Control Act of 2011 The August Amendment to the Balanced Budget and Emergency Deficit Control Act of 1985 [Annotated]
The Budget Control Act of 2011 was passed on August 1st, 2011 by the US House of Representatives and passed on August 2nd, 2011 by the US Senate. This law is technically an amendment to the Balanced Budget and Emergency Deficit Control Act of 1985 and was passed to avert a borrowing limit of $14.3 trillion from taking effect.