Deficit Reduction Act (other)
The Deficit Reduction Act may refer to various pieces of United States legislation, including: * Deficit Reduction Act of 1984 * Gramm-Rudman-Hollings Deficit Reduction Act of 1985 * Omnibus Budget Reconciliation Act of 1993 * Deficit Reduction Act of 2005 See also * Deficit (other) A deficit is the amount by which a sum falls short of some reference amount. Economics * Balance of payments deficit, when the balance of payments is negative * Government budget deficit * Deficit spending, the amount by which spending exceeds r ...

United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ...
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Deficit Reduction Act Of 1984
The Deficit Reduction Act of 1984 (), also known as the DEFRA, was a federal law enacted in the United States in 1984. Originally part of the stalled Tax Reform Act of 1983, it was adjusted and reintroduced as the Tax Reform Act of 1984. After passing in the House, it was merged with the Senate version into its final form. Collectively known as the Deficit Reduction Act of 1984, it was signed into law by president Ronald Reagan on July 18, 1984. Summary of provisions The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows: * repealed scheduled 15% net interest exclusion ($900 cap) * reduced benefits from income averaging * reduced tax benefits for property leased by tax exempt entities * temporarily extended federal telephone excise tax The federal telephone excise tax is a statutory federal excise tax imposed under the Internal Revenue Code in the United States under on amounts paid for certain "communications services" ...
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Omnibus Budget Reconciliation Act Of 1993
The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was a federal law that was enacted by the 103rd United States Congress and signed into law by President Bill Clinton on August 10, 1993. It has also been unofficially referred to as the Deficit Reduction Act of 1993. Part XIII of the law is also called the Revenue Reconciliation Act of 1993. The bill stemmed from a budget proposal made by Clinton in February 1993; he sought a mix of tax increases and spending reductions that would cut the deficit in half by 1997. Though every congressional Republican voted against the bill, it passed by narrow margins in both the House of Representatives and the Senate. The act increased the top federal income tax rate from 31% to 39.6%, increased the corporate income tax rate, raised fuel taxes, and raised various other taxes. The bill also included $255 billion in spending cuts over a five-year period. The effects of the bill helped the US federal government to experience in 1998 its first ...
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Deficit Reduction Act Of 2005
The Deficit Reduction Act of 2005 is a United States Act of Congress concerning the federal budget that became law in 2006. Legislative history The Senate's version passed after a tie-breaking vote was cast by Vice President Dick Cheney. The bill passed the chamber with all Democrats and five Republicans voting against the bill. The House version passed by a vote of 217-215, with all Democrats, fourteen Republicans, and one Independent voting against. The Senate bill was signed by President George W. Bush on February 8, 2006. Dispute over legal status A dispute arose over whether both houses of Congress had approved the same bill. As argued by Public Citizen in a lawsuit over the Act, the Senate clerk had mistakenly changed a clause related to Medicare reimbursements when transmitting the engrossed bill to the House. So when the House voted to accept the Senate's version of the bill, the House clerk had different text than the Senate had approved. When the bill was returned ...
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