The Budget Control Act of 2011, the center of the current fiscal debacle, was passed in August of last year as a way to ensure that Congress substantively address the budget crisis by the end of 2012. The bill established sequestration cuts to occur from 2013 to 2021 if deficit reduction goals weren't met.

The Budget Control Act of 2011, the center of the current fiscal debacle, was passed in August of last year as a way to ensure that Congress substantively address the budget crisis by the end of 2012. The bill established sequestration cuts to occur from 2013 to 2021 if deficit reduction goals weren't met.

With online developments occurring everyday, social media and its application is constantly evolving. To help you stay up to date with the growing number of updates in the social media world, we've selected 5 things to keep an eye on this week in social media:

Appropriately named the Ham Rove Memorial Fund, 'Citizens for a Better Tomorrow, Tomorrow' commonly referred to as Colbert Super PAC, announced Thursday it was donating $773,704.83 to various charities in remembrance of the PAC's sweet and salty chief strategist.

Colbert stated in a release:

Appropriately named the Ham Rove Memorial Fund, 'Citizens for a Better Tomorrow, Tomorrow' commonly referred to as Colbert Super PAC, announced Thursday it was donating $773,704.83 to various charities in remembrance of the PAC's sweet and salty chief strategist.

Colbert stated in a release: