Comprehensive Budget Control and Deficit Reduction Act of 2010 (SIADD)

Deficit reduction

 * The bill directly specified $1,5 trillion of cuts over 10 years in exchange for increasing the initial debt limit with $900 billion
 * A goal of $150 billion reduction annually in discretionary spending (excluding national security, Medicare, Medicaid, and Social Security), including eliminating earmarks.
 * Cut defense discretionary spending by $77 billion by 2015.
 * A reduction in farm subsidies

Spending

 * A 5-year government spending freeze on discretionary programs (excluding national security, Medicare, Medicaid, and Social Security)
 * Limits on discretionary spending until 2021.
 * Procedures to increase the debt limit.

Budget control

 * Establishment of a Congressional Joint Select Committee on Deficit Reduction to find further deficit reduction with a stated goal of achieving at least $1.5 trillion in budgetary savings over 10 years, and establishes automatic procedures for reducing spending by as much as $1.2 trillion if legislation originating with the new joint select committee does not achieve such savings.

Social Security and Medicare

 * Implement an Alternate Measure of Inflation for COLA (Cost of Living Adjustment) by replacing CPI (Consumer Price Index) with a more accurate "chained CPI", saving $11 billion annually.


 * Cap Medicare growth at G.D.P. growth plus 1 percentage point, starting in 2013. Among other things, this would crack down on many hospitals and doctors with the highest costs. Estimated savings are $29 billion by 2015.

Taxes

 * Continue the 2001/2003 tax provisions for taxpayers with incomes under $200,000 (individuals) to $250,000 (joint filers).
 * Discontinue the 2001/2003 tax provisions for high income taxpayers (from 35 percent 39.6 percent respectively in 2012. (providing $54 billion worth of revenue by 2015).
 * Implement the Obama-Kyl proposal, which exempt the first $3.5 million from any taxable estate and index this level to inflation over time, while any estate value above $5 million would be taxed at a 35 percent rate (providing $24 billion worth of revenue by 2015).
 * Implement the Obama-Kyl proposal, which exempt the first $3.5 million from any taxable estate and index this level to inflation over time, while any estate value above $5 million would be taxed at a 35 percent rate (providing $24 billion worth of revenue by 2015).