Press Room: Article
Let’s Make a Debt Deal!
On August 2, 2011, President Obama signed The Budget Control Act of 2011 (the Act) into law ending a political drama over an increase in the federal debt ceiling, at least for the moment.
While the so-called “debt deal” contained no tax increases, it set in motion a process by which some aspects of the tax reform debate may come into being. While some political observers may believe that Congress will not enact significant tax reforms just prior to or during an election year, provisions in the Act requiring mandatory across-the-board cuts will likely incentivize lawmakers to adopt some of the tax reform ideas as part of a deficit reduction package.