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- W230024158 abstract "Balanced Budget and Emergency Deficit Control Act of 1985 (P.L. 99-177), popularly known as Gramm-RudmanHollings, establishes maximum annual Federal budget deficit amounts through F Y 1991, as well as powers and procedures to eliminate deficits exceeding its allowable Federal budget deficits. The legislation also establishes an accelerated timetable for congressional action on various budget matters. Emergency procedures requiring automatic spending reductions contained in Gramm-Rudman-Hollings take effect in those years through F Y 1991 when: (1) the projected deficit is $10 billion or more over amounts contained in the law for that year, except for fiscal years 1986 and 1991 when the deficit is any amount above that contained in the law; (2) there is no recession, defined as no occurrence of two consecutive fiscal quarters during the fiscal year of any deficit and the last two fiscal quarters of the preceding fiscal year that show negative real growth;1 and (3) the United States is not at war. Automatic spending reductions in budget resources would be triggered whenever the deficit at the beginning of the fiscal year is projected to be more than the limits established in law." @default.
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- W230024158 date "1986-01-01" @default.
- W230024158 modified "2023-09-24" @default.
- W230024158 title "Gramm-Rudman-Hollings and Department of Education Programs." @default.
- W230024158 hasPublicationYear "1986" @default.
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