Explanation of the Balanced Budget and Emergency Deficit Control Act of 1985--Public Law 99-177 (The Gramm-Rudman-Hollings Act)

This report explains briefly the major features of the Balanced Budget and Emergency Deficit Control Act of 1985 (Public Law 99-177), commonly referred to as the Gramm-Rudman-Hollings Act. Following a short overview of the deficit of fiscal years 1987-1991 (and the accelerated timetable for fiscal year 1986), compute the required spending reductions, and summarizes the sequestration exempted from emergency deficit reduction procedures and those that have special rules for making reductions.,Abstract -- Overview of the Deficit Reduction Process -- Maximum Deficit Levels -- Modified Procedures for Fiscal Year 1986 - Deficit Control Timetable -- Elimination of Excess Deficits -- Computing the Reduction -- Sequestration of Funds for Fiscal Year 1986 -- Suspension of Deficit Reduction Requirements in Recessions -- Judicial Review and Fallback Procedures -- Programs Exempted from Sequestration -- Programs with Percentage Limits on Reductions -- Programs with Special Cutback Rules -- Modifications in the Federal Budget Process.,Allen Schick, Consultant.,CRS 85-1130 GOV,"December 1985.","Revised February 1986.",SuDoc# LC 14. 18/3