Omnibus Budget Reconciliation Act of 1993

(redirected from Omnibus Budget Reconciliation Act)
Also found in: Acronyms, Wikipedia.

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.
References in periodicals archive ?
But the Omnibus Budget Reconciliation Act of 1993 superseded that ruling and allowed California once again to send out the dogs.
The Omnibus Budget Reconciliation Act of 1982, designed to reduce outlays $13.
1987 The Omnibus Budget Reconciliation Act of 1987 (OBRA-87) is enacted, calling for a change in the way patients were restrained
The maximum was eliminated by the Omnibus Budget Reconciliation Act of 1993.
3) As a result, when Congress increased the interest rate for large corporate underpayments by two percentage points (thereby increasing the aggregate interest rate differential between overpayments and underpayments to three percentage points) in the Omnibus Budget Reconciliation Act of 1990, it affirmed its prior directive saying that "the Secretary should implement the most comprehensive crediting procedures under section 6402 that are consistent with sound administrative practice.
At the same time, the Omnibus Budget Reconciliation Act of 1993, which included two improvements for REIT investors, is expected to further increase pension fund investment in REITs.
Last year, Congress and President Clinton stopped fooling around and permanently extended the program as part of the 1993 Omnibus Budget Reconciliation Act.
The Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA) protects employees facing the loss of their jobs.
The Omnibus Budget Reconciliation Act of 1990 (OBRA 90) affects the financing of employer-provided health and pension benefits in three ways:
The result was what one former REA official refers to as the "greed and access provisions" of the Omnibus Budget Reconciliation Act of 1987--A bill the president literally couldn't afford to veto.
Major changes were made in Title II and Title XVI of the Social Security Act with the passage of the Omnibus Budget Reconciliation Act of 1981 (Public Law 97-35).
7 million as a result of the United States government's breach of contract in connection with the enactment of Section 13224 of the Omnibus Budget Reconciliation Act of 1993.