DEFINITION of 'Boehner Bill'
A bill tabled by Speaker of the House John Boehner that aimed to save $917 billion over 10 years through government spending cuts. The Boehner Bill proposed to effect these savings through discretionary spending cuts, and sequestration to enforce them. The Bill also proposed to give the Secretary of the Treasury authority to increase the debt limit by $900 billion upon its enactment.
BREAKING DOWN 'Boehner Bill'
The Boehner Bill was the source of high drama in July 2011, as the U.S. moved perilously close to an unprecedented default on its debt. While the House of Representatives passed the Boehner Bill by a 218-210 vote on the evening of July 29, 2011, the U.S. senate defeated it less than two hours later. This political brinksmanship was a contributory factor in Standard & Poor's lowering the U.S. long-term sovereign credit rating to AA+ from AAA on Aug. 5, 2011.