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Omnibus Budget Reconciliation Act of 1993
(redirected from Omnibus Budget Reconciliation Act)

   Also found in: Acronyms, Wikipedia 0.01 sec.
Omnibus Budget Reconciliation Act of 1993
Legislation in the United States that raised taxes and cut some government spending in order to reduce the federal deficit. It cut spending on entitlement programs by $42 billion while creating higher tax brackets for some wealthy individuals and corporations. The Act came out of a theory that large deficits lead to inflation; this theory was rejected by both New Deal liberals and supply-side economics conservatives, both of whom believed that deficits are relatively unimportant. While the theory behind the Act remains controversial, it led to a projected budget surplus toward the end of the 1990s.


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One test case will be the continued health coverage provided under the Consolidated omnibus Budget reconciliation act of 1985, which permits former employees and their families to maintain their employer-sponsored coverage under certain circumstances by paying 102 percent of the premium (the full cost of premiums plus a 2 percent administrative fee).
Affirming his commitment to make health reform a top priority for his administration, Obama also pledged in February to subsidize premiums paid by unemployed workers who can remain on their former employer's group health plan for 18 months under the federal Consolidated Omnibus Budget Reconciliation Act, or COBRA.
For example, the Consolidated Omnibus Budget Reconciliation Act of 1985, also known as COBRA, extends health insurance coverage from your former employer.
 
 
 
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