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 AlertsProcessing
Please wait...
Tell Us WhatYou Think
Please leave your comment below.
You must be signed in to comment.
Sign In | RegisterMore comments »