Gramm-Rudman-Hollings Act

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Gramm-Rudman-Hollings Act

Legislation in the United States, passed in 1985, that mandated automatic cuts in federal discretionary spending if the government deficit rose above stated target levels. The severity of the cuts was considered draconian and the Act was found largely unconstitutional in 1987. It was replaced by the Budget Enforcement Act of 1990.
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4) I would not argue that Gramm-Rudman-Hollings (GRH) was particularly successful in that its deficit targets were soon made more lenient and then the process collapsed when it proved impossible to meet the more lenient targets.
This finding implies that the Gramm-Rudman-Hollings (GRH) Act of 1986 addressed the issue in a timely manner.
If no headway is made on reducing that figure by October, the "sequestration" procedures of the Gramm-Rudman-Hollings deficit control law will kick in, mandating across-the-board budget cuts.
Consumption taxes received increased congressional and Administration attention in 1989, due largely to concerns over the government's ability to meet future Gramm-Rudman-Hollings deficit reduction targets.
By conventional wisdom, the federal budget deficit in 1990 will meet the Gramm-Rudman-Hollings target of $100 billion.
The most significant change at this moment is the proposal to finance the Resolution Trust Company on the budget with a legislative exception from Gramm-Rudman-Hollings.
The Gramm-Rudman-Hollings budget-deficit-reduction law requires that budgeters shave at least 40 percent, or $64 billion, in fiscal 1990 from the current level of deficit spending.
3 billion, Both are higher than the targets specified in the Gramm-Rudman-Hollings Act (formally, the Balanced Budget and Emergency Deficit Control Act of 1985).
The weekly and total benefit amounts for extended benefits will be reduced to reflect any cuts mandated by Gramm-Rudman-Hollings.
Clifton contributed the concept of fixed deficit reduction targets to the Gramm-Rudman-Hollings legislation.
Senate, in 1980 and 1986, and was best known for the budget-balancing legislative efforts in 1985 known as Gramm-Rudman-Hollings.
This would turn a quarter century of bipartisan budget legislation on its head; starting with the 1985 Gramm-Rudman-Hollings law, all federal laws of the last 26 years that have set budget targets enforced by across-the-board cuts have exempted the core assistance programs for the poor from those cuts while including Medicare among programs subject to the cuts.