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The Omnibus Budget Reconciliation Act of 1981 is the federal budget enacted by the 
Omnibus Budget Reconciliation Act of 1981PDFdetails
as amended in the GPObr>Statute Compilations collection
{{DEFAULTSORT:Economic Recovery Tax Act Of 1981 1981 in law Presidency of Ronald Reagan 1981 in economics 97th United States Congress Acts of the 97th United States Congress United States federal reconciliation legislation
97th United States Congress
The 97th United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, D.C. from January 3, 1 ...
and signed into law by U.S. President Ronald Reagan
Ronald Wilson Reagan ( ; February 6, 1911June 5, 2004) was an American politician, actor, and union leader who served as the 40th president of the United States from 1981 to 1989. He also served as the 33rd governor of California from 1967 ...
. The bill established federal expenditures for fiscal year
A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many ...
1982, which ran from 1 October 1981 through 30 September 1982. The budget bill was the spending counterpart to the revenue bill, the Economic Recovery Tax Act of 1981
The Economic Recovery Tax Act of 1981 (ERTA), or Kemp–Roth Tax Cut, was an Act that introduced a major tax cut, which was designed to encourage economic growth. The federal law enacted by the 97th US Congress and signed into law by US Preside ...
. The two bills progressed through Congress and were signed by the President together.
Ronald Reagan was elected on his platform of reducing overall federal spending while increasing spending on the military, cutting taxes and balancing the budget. The OBRA cut the federal budget by $36 billion in FY1982 and a cumulative $140 billion including the out years 1983 and 1984. Military spending was raised from $176 billion in FY1981 to $221 billion in FY1982. The Economic Recovery Tax Act was one of the largest tax cuts in US history. The and ERTA and the Tax Reform Act of 1986
The Tax Reform Act of 1986 (TRA) was passed by the 99th United States Congress and signed into law by President Ronald Reagan on October 22, 1986.
The Tax Reform Act of 1986 was the top domestic priority of President Reagan's second term. The ...
are together known as the Reagan tax cuts. The tax and spending cuts comprised what some contemporaries described as Reaganomics
Reaganomics (; a portmanteau of ''Reagan'' and ''economics'' attributed to Paul Harvey), or Reaganism, refers to the neoliberal economic policies promoted by U.S. President Ronald Reagan during the 1980s. These policies are commonly associat ...
and the "Reagan Revolution". The Omnibus Budget Reconciliation Act of 1981 was remarkable for Congress's use of the Reconciliation process.
References
Works cited
* * * * * * *See also
*Economic Recovery Tax Act of 1981
The Economic Recovery Tax Act of 1981 (ERTA), or Kemp–Roth Tax Cut, was an Act that introduced a major tax cut, which was designed to encourage economic growth. The federal law enacted by the 97th US Congress and signed into law by US Preside ...
* Tax Equity and Fiscal Responsibility Act of 1982
* Domestic policy of the Ronald Reagan administration
*97th United States Congress
The 97th United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, D.C. from January 3, 1 ...
*Congressional Budget and Impoundment Control Act of 1974
The Congressional Budget and Impoundment Control Act of 1974 (, , ) is a United States federal law that governs the role of the Congress in the United States budget process.
The Congressional budget process
Titles I through IX of the law are als ...
*Reconciliation (United States Congress)
Budget reconciliation is a special parliamentary procedure of the United States Congress set up to expedite the passage of certain budgetary legislation in the United States Senate. The procedure overrides the filibuster rules in the Senate, w ...
External links
Omnibus Budget Reconciliation Act of 1981
as amended in the GPObr>Statute Compilations collection
{{DEFAULTSORT:Economic Recovery Tax Act Of 1981 1981 in law Presidency of Ronald Reagan 1981 in economics 97th United States Congress Acts of the 97th United States Congress United States federal reconciliation legislation