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National Debt Glossary

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 federal deficit, set declining deficit targets for the federal government and established an automatic enforcement mechanism called sequestration.

Gramm-Rudman-Hollings has been amended several times, most significantly by the 1990 Budget Enforcement Act and the 1997 Balanced Budget Act.

SOURCE: U.S. Government Accountability Office

See also: Balanced budget

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