HR 2693 – Reid’s Debt Bill in the House [Full Text]

On Thursday, it appears as though the House version of Senate Majority Leader Harry Reid’s debt bill has surfaced. HR 2693 “The Budget Control Act of 2011”. This bill isn’t compromise, it’s pure can-kicking.

 Summary

The Reid bill looks like mainly fluff – no real cuts and nothing of substance. It basically defers everything to another debt committee (e.g. Simpson-Bowles committee) and section 401 which raises the debt ceiling to almost $17 trillion dollars.

• Non budgetary matters in the bill
• Sell additional frequency bands (wireless spectrum auction)
• Changes use of D-Block of electromagnetic spectrum for emergency uses
• Changes the definition of “payment acres” for farm programs
• Budget-related items
• Creates another budget committee
• Expedites the consideration of any recommendations of the committee
• Sets aside spending for the committee
• Changes to  student loans and pell grants (up)
• Having trouble locating full text of current U.S.C. 1070(a), but it appears as though this increases 2011 appropriation for Pell Grants by ~$10 billion (300%+ increase) and increases another unknown sub-clause by $7.5 billion – will keep working on this.
• Raises debt ceiling to $16.99 Trillion (from $14.3 trillion)

Full Text of the Bill