Gramm-Rudman-Hollings Act

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Gramm-Rudman-Hollings Act,

officially the Balanced Budget and Emergency Deficit Control Act of 1985, U.S. budget deficit reduction measure. The law provided for automatic spending cuts to take effect if the president and Congress failed to reach established targets; the U.S. comptroller general was given the right to order spending cuts. Because the automatic cuts were declared unconstitutional, a revised version of the act was passed in 1987; it failed to result in reduced deficits. A 1990 revision of the act changed its focus from deficit reduction to spending control.
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DRHP: The debt ratio held by the public FRB: Federal Reserve Bank GRH: The Gramm-Rudman-Hollings Act MFP: Multifactor productivity TDR: Total debt ratio
The administration's January 1987 budget estimate for the fiscal year 1988 deficit was just under the Gramm-Rudman-Hollings $123.
An individual's extended benefit and total benefit amounts will be cut by the amount of the Gramm-Rudman-Hollings reduction.
Attempts at direct deficit control during the Gramm-Rudman-Hollings period of the late 1980s were followed by the discretionary spending caps and "PAYGO" restrictions on tax cuts and entitlement increases of the 1990s.
To strengthen control over spending and deficit levels and to promote more efficient legislative action on budgetary issues, Congress and the president enacted the Balanced Budget and Emergency Deficit Control Act of 1985, commonly known as the Gramm-Rudman-Hollings Act for its three primary Senate sponsors.
Facing $200 billion deficits in the early to mid-1980s, Congress passed the Balanced Budget and Emergency Deficit Control Act of 1985, commonly known as the Gramm-Rudman-Hollings Act (GRH), in an effort to rein in deficits.
Unlike Gramm-Rudman-Hollings and other deals cooked up in back rooms, this deal relies on real actions instead of procedures.
Just pass a balanced-budget amendment, or spending caps, or a deficit-reduction plan like Gramm-Rudman-Hollings.
4 percent in fiscal 1990, and the federal budget deficit increased to $220 billion, up $67 billion from the 1989 fiscal year and well above the target for 1990 that had been laid out in the Gramm-Rudman-Hollings legislation.
Reality faded further in 1985, when the Gramm-Rudman-Hollings Act began requiring the budget to meet an annual deficit reduction target.
McConaghy: The Office of Management and Budget has forecast numbers that show that the Gramm-Rudman-Hollings target will be met next year without revenue increases.
Said the same panelist, "It could begin to form when EOSAT [the group that markets Landsat data] and SPOT get tired of throwing money at the problem, when Congress takes Gramm-Rudman-Hollings seriously, and when someone sees other countries as a set of partners eager to help share costs, and more importantly, help promote the use of [remote sensing] systems.