The text of the Budget Control Act of 2011 is located at the link (debt-bill).
This bill will pass lest rational people be blamed for causing governmental default. I believe that every move in this theatre has been manufactured and orchestrated for dramatic effect, from the President on down. Why else would a Eureka moment occur on Sunday night, allowing for two days for Congress to act? It is all too convenient and neat.
This budget bill is Congress’s job; they deserve absolutely no praise for doing as they ought. (This budget bill would have been produced as a matter of course. It was passed so that the Congressional committee can institute the Biden cuts without any challenge.)
Just wait until the Joe Biden spending cuts are resurrected and rushed through Congress lest “devastating” across the board cuts are instituted; the rich will not have to pay one cent extra. President Obama will never repeal his tax cuts; they will continue while the nonwealthy people pay.