National Debt Glossary: Understanding the Gramm-Rudman-Hollings Act

Gramm-Rudman-Hollings

The popular name of the 1985 Balanced Budget and Emergency Deficit Control Act, so named for its sponsors at the time: Sens. Phil Gramm (R-Texas), Warren Rudman (R-N.H.) and Ernest F. Hollings (D-S.C.). The act, a mechanism for reducing the , set declining deficit targets for the federal government and established an automatic enforcement mechanism called . Gramm-Rudman-Hollings has been amended several times, most significantly by the 1990 Budget Enforcement Act and the 1997 Balanced Budget Act. SOURCE: See also:

National Debt Glossary

Looks up the key terms for understanding America's financial crisis

Frequently Asked Questions National Debt

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