Gramm-Rudman-Hollings Deficit Reduction Act

The Gramm-Hollings Deficit Reduction Act, passed in 1985 by U.S. Senators Ernest Hollings (D-South Carolina), Warren Rudman (R-New Hampshire) and Phil Gramm (R-Texas), was aimed at cutting the budget deficit, at the time the largest in history. Its official name was the Balanced Budget and Emergency Deficit Control Act of 1985. It required Congress to compensate tax cuts or spending with other revenue, and also provided for automatic spending cuts if Congress and the President failed to do so. This provision was found unconstitutional in 1987 and a reworked version of the bill passed; however, it failed to prevent large budget deficits.

Related Topics:
1985 - U.S. Senators - Ernest Hollings - D - South Carolina - Warren Rudman - R - New Hampshire - Phil Gramm - Texas - Budget deficit - 1987

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