Sunset Provision
One of the most notable characteristics of EGTRRA is that its provisions were designed to sunset, or revert to the provisions that were in effect before it was passed, on January 1, 2011. These provisions were extended for two years under the 2010 Tax Act. The sunset provision allowed EGTRRA to sidestep the Byrd Rule, a Senate rule that amends the Congressional Budget Act to allow Senators to block a piece of legislation if it purports a significant increase in the federal deficit beyond ten years. The sunset allowed the bill to stay within the letter of the PAYGO law while removing nearly $700 billion from amounts that would have triggered PAYGO sequestration.
Read more about this topic: Economic Growth And Tax Relief Reconciliation Act Of 2001
Famous quotes containing the words sunset and/or provision:
“Not like the brazen giant of Greek fame,
With conquering limbs astride from land to land,
Here at our sea-washed, sunset gates shall stand
A mighty woman with a torch, whose flame
Is the imprisoned lightning, and her name
Mother of Exiles. From her beacon-hand
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The air-bridged harbor that twin cities frame.”
—Emma Lazarus (1849–1887)
“When ... I comprehended that poetry had no provision in it for ultimate practical attainment of the rightness of work that is truth, but led on ever only to a temporizing less- than-truth ... I stopped.”
—Laura (Riding)