The Budget Control Act of 2011 will raise the debt ceiling by between $2.1 trillion and $2.4 trillion -- that's expected to cover Treasury's borrowing needs until 2013. The bill cuts about $2.4 trillion over the next decade in a two-step process. In the first phase, Congress would raise the debt limit by $900 billion while cutting $917 billion. The increase would last for about six months. Then, a newly-created Joint Committee would be tasked with finding $1.5 trillion in cuts in order for President Obama to be authorized to request another $1.5 trillion increase. Read more: http://dailycaller.com/2011/08/01/h...-visit-from-rep-gabby-giffords/#ixzz1TtwC0sot Nothing about reducing the governments payroll or cutting the duplicity of agencies or the reduction to foriegn countries for ais to them, nothing about reducing the insurances that Congress gets for life and their pensions either. Nothing about pension cutting anywhere. I'm very very ________!