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Topic: Deficit Reduction Act

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	Deficit - Wikipedia, the free encyclopedia
		The size of a governmental budget deficit is often an important political issue as well as one of economic policy.
		A structural deficit is the deficit that remains across the business cycle, because general tax levels are too low for the general level of government spending.
		The observed total budget deficit is equal to the sum of the structural deficit with the cyclical deficit or surplus.
	en.wikipedia.org /wiki/Deficit (702 words)

	Deficit Reduction Act - Wikipedia, the free encyclopedia
		The Deficit Reduction Act was passed by the US Congress in 1993 under the Clinton administration.
		It was designed to increase tax revenues by $250 billion over a period of 5 years and to reduce Federal spending by the same amount.
		Additional information can be found under Omnibus Budget Reconciliation Act of 1993.
	en.wikipedia.org /wiki/Deficit_Reduction_Act (147 words)

	Gramm-Rudman-Hollings Deficit Reduction Act - Wikipedia, the free encyclopedia
		The Gramm-Hollings Deficit Reduction Act, passed in 1985 by the United States Senate.
		The Act was aimed at cutting the budget deficit, at the time the largest in history.
		Synar, 478 U.S. (1986) and a reworked version of the bill passed; however, it failed to prevent large budget deficits.
	en.wikipedia.org /wiki/Gramm-Rudman-Hollings_Act (163 words)

	Encyclopedia: Deficit Reduction Act
		The Gramm-Hollings Deficit Reduction Act, passed in 1985 by Senators Ernest Hollings (D - South Carolina), Warren Rudman (R - New Hampshire) and Phil Gramm (R - Texas), was aimed at cutting the budget deficit, at the time the largest in history.
		This provision was found unconstitutional in 1987 and a reworked version of the bill passed; however, it failed to prevent large budget deficits.
		Under the Reclamation Reform Act of 1982, Congress acted to expand the size of the farms that could receive subsidized water from 160 acres to 960 acres.
	www.nationmaster.com /encyclopedia/Deficit-Reduction-Act (463 words)

	SOURCES OF DEFICIT REDUCTION : FY 1993-1996
		The deficit has declined markedly over the last 4 years, during a period of steady economic growth and the resolution of the thrift crisis.
		A technical reestimate is a change in the deficit estimate that is not caused by the passage of new legislation or a change in the economic forecast.
		The caps were implemented by the Bush deficit reduction plan in 1990 and were scheduled to expire in 1995.
	www.senate.gov /comm/budget/releases/budget.html (1635 words)

	at-8409.htm (Site not responding. Last check: 2007-10-12)
		Section 2628 of DRA amends section 402(a)(14) of the Act to limit the categories of recipients who are subject to mandatory monthly reporting and amends section 402(a)(13) of the Act to eliminate mandatory retrospective budgeting for recipients who are not subject to monthly reporting.
		Section 2627 of DRA amends section 409(a)(1)(F) to specify the terms under which the Federal government matches payments by States to AFDC recipients participating in CWEP fortransportation and day care costs directly related to their CWEP participation, in cases where the State agency is unable to provide services directly to the participant.
		However, DRA amends section 414(b)(6) of the Act to give States a new option to exempt WSP participants from the limitations on receipt of the $30 and one-third and the $30 disregards at section 402(a)(8)(B)(ii)(II) during one or more of the first 9 months of employment in WSP.
	www.acf.dhhs.gov /programs/cse/pol/AT/at-8409.htm (17057 words)

	Government's 50 Greatest Endeavors: Reduce the Federal Budget Deficit (Site not responding. Last check: 2007-10-12)
		The principal portions of this sum were $50.8 billion in increased tax revenues and $58.3 billion from reducing the growth of the defense budget.
		In 1985, when the deficit for fiscal 1986 was still expected to exceed $200 billion, Congress passed a bill mandating automatic spending cuts to ensure that the deficit disappeared by 1991.
		Estimates projected a deficit reduction of $127 billion over five years, but a surging national economy sent the budget into surplus for fiscal 1999, earlier than had been expected.
	www.brook.edu /dybdocroot/gs/CPS/50ge/endeavors/deficit.htm (548 words)

	[No title]
		The requested stay is appropriate in light of the recent enactment of the Deficit Reduction Act of 1984, Pub.
		Section 2625 of the Deficit Reduction Act supersedes the injunction in this case and requires a stay of its prospective prohibitions.
		Rhodes, 331 U.S. In this case passage of the Deficit Reduction Act requires that the outstanding injunction be given no further prospective effect.
	www.usdoj.gov /osg/briefs/1984/sg840155.txt (1377 words)

	Deficit Reduction Act helps students - Minnesota Daily
		In addition to cutting $40 billion from the deficit, this act works to the benefit of students by cutting waste and loopholes that allow lenders to take advantage of students and charge them more.
		The act will increase first-year student loan limits from $2,625 to $3,500 and second-year student loan limits from $3,500 to $4,500, giving students access to more aid.
		Seligman’s column fails to mention that the act cuts the deficit while increasing the aid available to students.
	www.mndaily.com /articles/2006/02/01/66903 (488 words)

	[No title] (Site not responding. Last check: 2007-10-12)
		Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1.
		This Act may be cited as the `Responsible Deficit Reduction Act of 1995'.
		(E) Section 402(a)(1) of the Act (7 U.S.C. 5662(a)(1)) (as amended by section 301(b)(2)) is further amended by striking `sections 201, 202, and 301' and inserting `sections 201 and 202'.
	www.factcheck.org /UploadedFiles/S.1290.text.doc (1674 words)

	Untitled Document
		This year, in addition to the spending reduction reconciliation bill, there will be two other reconciliation bills – a tax-relief reconciliation bill and a public debt reconciliation bill.
		Chairman Gregg Appluads House for passage of Deficit Reduction Act
		Fiscally Responsible Reform: The Deficit Reduction Omnibus Reconciliation Act of 2005
	www.senate.gov /~budget/republican/Reconciliationfacts.htm (772 words)

	Remarks by President Bush in Signing of S.1932 - Deficit Reduction Act of 2005
		The Deficit Reduction Act is estimated to slow the pace of spending growth in both Medicare and Medicaid.
		The Deficit Reduction Act is estimated to reduce the growth in Medicare spending by more than $6 billion over the next five years.
		The Deficit Reduction Act's reforms in Medicare and Medicaid are a step on the road to long-term stability for these important programs.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=109&STORY=/www/story/02-08-2006/0004277929&EDATE= (2082 words)

	"Tax Fairness and Deficit Reduction Act" (Site not responding. Last check: 2007-10-12)
		In a letter sent to all members of the House of Representatives, PSA said it is pleased that these tax-reducing provisions would be offset by discretionary spending cuts and entitlement reforms.
		In addition, McKnew stated that the Act's proposed capital gains reforms "would remove disincentives for capital savings and investment that exist under present law." He added, "each of the public securities markets would benefit from the increased demand and liquidity possible under the Act, thereby reducing the cost of borrowing for public issuers."
		Saying the legislation "balances discretionary spending cuts and entitlement reforms with investment-encouraging tax reductions," McKnew called on members of Congress to vote in favor of the Act.
	www.bondmarkets.com /PR/OldPR/AMT.shtml (247 words)

	Tax and Deficit Reduction
		Chairman, I rise tonight in support of H.R. 1327, the Tax Fairness and Deficit Reduction Act of 1995, one of the most pro family bills this House will consider.
		H.R. 1327 delivers the kind of genuine change that the American people asked for in November, and I am pleased that the House is acting on this legislation, as pledged, within the first 100 days of the 104th Congress.
		Finally, one of the most important parts of the Tax Fairness and Deficit Reduction Act is a reduction in the capital gains tax rate.
	www.house.gov /young/press/fs040595.htm (795 words)

	Office of Congresswoman Judy Biggert (Site not responding. Last check: 2007-10-12)
		Today, the House adopted H.R. 4241, the Budget Deficit Reduction Act of 2005, which included $49.9 billion in savings over a period of five years to reduce the nation’s deficit through reforms to mandatory programs.
		The goal of the deficit reduction process is to regain spending control of our mandatory programs, bolster the economy and ensure continued job growth.
		It is my sincere hope that this group of legislators will negotiate in a timely manner a final budget deficit reduction package with sufficient savings so that we may vote on and send it to the President’s desk before we recess for the holiday season.
	judybiggert.house.gov /news.asp?FormMode=Detail&ID=578 (486 words)

	Deficit Reduction Act of 2005 - Fact & Fiction: The Mining Provision
		Deficit Reduction Act of 2005 - Fact and Fiction: The Mining Provision
		FACT: Oil and gas are not locatable minerals, and come under the Mineral Leasing Act, not the mining law.
		This language amends the 1872 mining law, which for 133 years has regulated the hardrock mining industry, and has nothing to do with oil and gas leasing on federal lands.
	www.citizenreviewonline.org /dec2005/01/mining.htm (1040 words)

	Fiscal Effect on California: Pending Federal Deficit Reduction Act of 2005
		On December 19, 2005, the U.S. House of Representatives agreed to the conference committee report for S. 1932, the Deficit Reduction Act of 2005, on a vote of 212-206.
		This percentage reduction is referred to as the “caseload reduction credit.” There is a separate 90 percent work participation rate requirement for two-parent families and a corresponding caseload reduction credit.
		The single largest reduction is nearly $1.5 billion from the provisions pertaining to federal student loans.
	www.lao.ca.gov /2006/deficit_reduction/deficit_reduction_012006.html (4784 words)

	[No title] (Site not responding. Last check: 2007-10-12)
		In the 1996 Welfare Reform Act the waiting period for non-citizens to receive food stamps was set at 10 years. Education and Student Loans: Myth vs. Fact Myth: The Republican Deficit Reduction bill imposes deep cuts in student loans.
		Myth: The Deficit Reduction Act is the Republican’s alternative to comprehensive pension reform.
		FACT: The Deficit Reduction Act establishes a $1,250 per participant termination premium paid for three consecutive years by companies that terminate their plans through bankruptcy, to be paid once companies emerge from bankruptcy.
	www.gop.gov /reconciliation/docs/mythfactop.doc (1745 words)

	MooreThoughts » Deficit Reduction…Maybe
		The Tennessean’s editorial board takes offense at the Deficit Reduction Act passed by the Vice President’s deciding vote.
		Here in this scrolling column of blogdom I noted a few days ago that the entire deficit reduction game is a crock.
		But to say in one sentence that the act doesn’t really do much to reduce the deficit, then a few lines down claim that the new budget practically funds hunting licenses for bagging the poor is dishonest.
	moorethoughts.com /2005/12/24/deficit-reductionmaybe (435 words)

	Financing Federal-Aid Programs - Appendix M (Site not responding. Last check: 2007-10-12)
		Highway Revenue Act of 1956 P.L. Federal-Aid Highway Act of 1959 P.L. Energy Tax Act of 1978 P.L. Surface Transportation Assistance Act of 1982 P.L. Deficit Reduction Act of 1984 P.L. Deficit Reduction Act of 1984 P.L..
		Transportation Equity Act for the 21st Century P.L. 1/ This table shows the fuel tax rates for highway use of motor fuels, along with the allocation of the revenues derived from the tax, in effect July 1, 1956 and subsequent changes.
		Effective January 1, 1979, the Energy Tax Act of 1978 defined gasohol to be a blend of gasoline and at least 10 percent (by volume) alcohol, excluding alcohol made from petroleum, natural gas, or coal.
	www.fhwa.dot.gov /reports/fifahiwy/ffahappm.htm (756 words)

	frelinghuysen.house.gov (Site not responding. Last check: 2007-10-12)
		The Deficit Reduction Act provides $50 billion in budget savings over the next five years.
		And for those who claim this goes too far, let's be clear that this represents just one half of one percent of the $7.8 trillion in 'entitlement spending' anticipated over the next five years.
		In reality, the Deficit Reduction Act takes great care to protect our most vulnerable citizens while continuing to ensure taxpayer dollars are spent as wisely and efficiently as possible.
	frelinghuysen.house.gov /cgi-data/press/files/154.shtml (419 words)

	ipedia.com: Deficit Article (Site not responding. Last check: 2007-10-12)
		A budget deficit occurs when an entity spends more money than it takes in.
		That is, a budget deficit leads to an increase in an entity's debt to others.
		By 1998, budget surpluses became common, lasting through 2001; the U.S. deficit for fiscal year 2003 was $374.2 billion.
	www.ipedia.com /deficit.html (209 words)

	Letter to Representatives opposing S. 1932, the Deficit Reduction Act
		These enormous federal cuts and costly mandates on the states are the result of a corrupt system that allowed back-room deals throughout, most egregiously between the lead conference negotiators and private HMOs to lower their payments by $22 billion over the next decade as compared with the Senate's budget bill.
		Moreover, cuts to programs that assist low- and middle-income Americans will not reduce the deficit and instead are a pretext to partially pay for the up to $100 billion in reckless tax cuts that are expected this year, primarily benefiting the wealthiest of Americans.
		No matter how you voted on the budget reconciliation conference report in December, AFSCME urges you to use this unusual opportunity of a second vote to understand the real human suffering that will be caused by this budget bill, listen to your constituents, and search your own conscience.
	afscme.org /action/l060130b.htm (1336 words)

	U.S. Senator Russ Feingold on the Deficit Reduction Act
		In 1901, President Theodore Roosevelt proposed legislation, which came to be known as the Reclamation Act of 1902, to encourage development of family farms throughout the western United States.
		The General Accounting Office and the Inspector General of the Department of the Interior continue to find that the acreage limits established in law are circumvented through the creation of arrangements such as farming trusts.
		The premise of the report is that there are a number of subsidies and projects that could be cut to both reduce the deficit and benefit the environment.
	www.senate.gov /~feingold/statements/03/01/2003010705.html (2127 words)

	www.NASFAA.org Delay in Vote on Student Aid Cuts Creates Hope
		During the cram session, leaders made progress on the Deficit Reduction Act, S. 1932, but will have to complete work on the bill and the remainder of the Higher Education Act (HEA) reauthorization when the House convenes for its second session January 31.
		Senate HELP staffers have expressed concern that if Congress did not pass HEA reauthorization with the Deficit Reduction Act, Congress would not be able to pass a reauthorization bill, but House leaders resisted including all HEA reauthorization measures in the deficit act.
		It's possible that completing the Deficit Reduction Act will exhaust much of the momentum that was driving HEA reauthorization efforts, but many controversial issues that were stalling HEA reauthorization now have been negotiated in the Deficit Reduction Act.
	www.nasfaa.org /publications/2006/GDelayHopes010406.html (667 words)

	THE ALTERNATIVE MINIMUM TAX FOR INDIVIDUALS: A GROWING BURDEN
		The Taxpayer Refund and Relief Act of 1999 (106th Congress, H.R. 2488) included a phase-out of the AMT for individuals and corporations from 2005 to 2007, so that starting in 2008 the tax would not exist.
		It should be noted that these people are not necessarily the same year after year, and given that they are far more likely to be audited than the average taxpayer, they have strong incentives to arrive at their reduction of tax liability by perfectly legitimate means, under the tax laws Congress has written.
		Legislation reduced the top bracket to 50 percent starting in 1982; subsequent reductions brought the top rate down to a low of 28 percent from 1988 to 1990 (though income between certain amounts was taxed at 33 percent).
	www.house.gov /jec/tax/amt.htm (6378 words)

	Press Release - Boehner Statement on Passage of the Deficit Reduction Act (Site not responding. Last check: 2007-10-12)
		“Passage of the Deficit Reduction Act is an important first step to reining in out-of-control federal spending that poses a threat to every student, family, and worker in America,” said Education and the Workforce Committee Chairman John Boehner (R-OH).
		The student loan reforms included in the Deficit Reduction Act stem from comprehensive higher education reforms approved by the Committee in July that would expand college access for low- and middle-income students through reforms to the Higher Education Act (HEA).
		To strengthen student aid programs and expand student benefits, the bill would reduce and equalize loan fees, increase loan limits, preserve access to low, market-based interest rates, ease the financial aid process, and expand student loan flexibility.
	www.house.gov /ed_workforce/press/press109/first/11nov/dra111805.htm (526 words)

	Reason: Why Republicans Can't Cut Spending: The GOP switch from government-shrinking to machine-building has backfired (Site not responding. Last check: 2007-10-12)
		The Deficit Reduction Act of 2005 is, strictly speaking, a deficit-reduction act only in the Washington sense of the term—meaning, it is part of a plan to increase the deficit.
		Based on Congressional Budget Office forecasts, the Deficit Reduction Act will reduce entitlement outlays by about 0.5 percent over that period and cut cumulated deficits by about 2.5 percent.
		If your paramount concern is reducing the federal deficit, then the best that can be said for the 2006 budget is that it may do less fiscal damage than the budgets of 2005, 2004, 2003, 2002, and 2001.
	www.reason.com /rauch/012306.shtml (1419 words)

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