Alert
Close

Think you know AARP? What you don't know about us may surprise you. Discover all the 'Real Possibilities'

Highlights

Close
AARP Real Possibilities

 

FREE FUN!

AARP Games - Play Now!

Contests and
Sweeps

Dream Vacation Sweepstakes

10 weeks. 10 amazing trips. Seize your chance to win!
See official rules. 

MOST POPULAR

Viewed

Commented

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

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts

Processing

Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

TODAY'S NEWS

Discounts & Benefits

Featured Groups

Politics — Current Events

Speak out on the issues and controversies of the day. Discuss

Issues & Elections

Civil, bipartisan discussions of today's issues and topics of national interest. Discuss