Gramm-Rudman-Hollings and the Politics of Deficit Reduction.
This finding implies that the
Gramm-Rudman-Hollings (GRH) Act of 1986 addressed the issue in a timely manner.
Fiscal policy at the federal level will be shaped over the next two years by the Budget Act, which imposes rules on spending and taxation that are enforced by a complex set of sequesters designed to overcome some of the weaknesses in the
Gramm-Rudman-Hollings (GRH) enforcement procedures.
Battelle was counting on a $25 million Army contract to develop antidotes to biochemical warfare poisonings, but that hope died in the first year of the
Gramm-Rudman-Hollings federal budget cuts.
Will the current budget (deficit) summit reach an effective solution or will the nation face the dire consequences of a
Gramm-Rudman-Hollings sequester (automatic across-the-board cuts to meet the stipulations of the Deficit Reduction Act without the relief of revenue increases)?
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 mandatory deficit reduction provisions of the
Gramm-Rudman-Hollings Act once again make the VA health care system a target for a 2% reduction ($240 million) in funding availability for direct health care programs and significantly greater amounts for indirect and administrative amounts for indirect and administrative aspects of the program.
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.
For that reason, Woodard said he expects Congress to either utilize a lot of gimmicks in making its cuts or to fall back on the automatic cutting provisions of the
Gramm-Rudman-Hollings bill.
