AASHTO Journal, 5 August 2011
Congress passed and President Barack Obama signed into law a measure Tuesday raising the nation’s debt ceiling, only hours before the U.S. Treasury Department was set to run out of money to continue paying America’s financial obligations. The legislation sets up a special 12-member joint committee of Congress that will be tasked with recommending by Thanksgiving $1.2 trillion in deficit reduction over 10 years, leaving the fate of future federal transportation funding uncertain.The Senate passed the debt-limit package (S 365, Public Law 112-25, the Budget Control Act of 2011) 74-26 shortly after noon Tuesday. The House of Representatives had voted 269-161 to approve the bill Monday. It is unclear how the legislation will affect surface transportation programs.