Omnibus Budget Reconciliation Act of 1993

Legislation in the United States that raised taxes and cut some government spending in order to reduce the federal deficit. It cut spending on entitlement programs by $42 billion while creating higher tax brackets for some wealthy individuals and corporations. The Act came out of a theory that large deficits lead to inflation; this theory was rejected by both New Deal liberals and supply-side economics conservatives, both of whom believed that deficits are relatively unimportant. While the theory behind the Act remains controversial, it led to a projected budget surplus toward the end of the 1990s.

单词	omnibus budget reconciliation act of 1993
释义	Omnibus Budget Reconciliation Act of 1993 Omnibus Budget Reconciliation Act of 1993 Legislation in the United States that raised taxes and cut some government spending in order to reduce the federal deficit. It cut spending on entitlement programs by $42 billion while creating higher tax brackets for some wealthy individuals and corporations. The Act came out of a theory that large deficits lead to inflation; this theory was rejected by both New Deal liberals and supply-side economics conservatives, both of whom believed that deficits are relatively unimportant. While the theory behind the Act remains controversial, it led to a projected budget surplus toward the end of the 1990s.
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