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Text of the Debt Ceiling Deal

10:06 AM, Aug 1, 2011 • By DANIEL HALPER
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TITLE IV—JOINT SELECT COMMITTEE ON DEFICIT REDUCTION Sec. 401. Establishment of Joint Select Committee.Sec. 402. Expedited consideration of joint committee recommendations.Sec. 403. Funding.Sec. 404. Rulemaking.

TITLE V—PELL GRANT AND STUDENT LOAN PROGRAM CHANGES Sec. 501. Federal Pell grants.Sec. 502. Termination of authority to make interest subsidized loans to graduate and professional students.Sec. 503. Termination of direct loan repayment incentives.Sec. 504. Inapplicability of title IV negotiated rulemaking and master calendar exception.

SEC. 2. Severability.

 

If any provision of this Act, or any application of such provision to any person or circumstance, is held to be unconstitutional, the remainder of this Act and the application of this Act to any other person or circumstance shall not be affected.

TITLE I—TEN-YEAR DISCRETIONARY CAPS WITH SEQUESTER

SEC. 101. Enforcing discretionary spending limits.

 

Section 251 of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended to read as follows:

SEC. 102. Definitions.

 

Section 250(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended as follows:


(1) Strike paragraph (4) and insert the following new paragraph:

“(4)(A) The term ‘nonsecurity category’ means all discretionary appropriations not included in the security category defined in subparagraph (B).

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