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Politics : PRESIDENT GEORGE W. BUSH
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To: Neocon who wrote (139590)4/20/2001 9:56:03 AM
From: Scumbria  Read Replies (2) of 769667
 
Neo,

75% of the deficit reduction legislation came in the 1993 bill, without a single Republican vote.

In 1987, Congress passed two bills to cut the budget deficits over the following two years. By curtailing a variety of outlays, the two measures together reduced the deficit by $33.4 billion in fiscal 1988 and $42.7 billion in fiscal 1989. In 1990, Congress hiked taxes to bolster budget reduction efforts. The bill raised taxes on the 600,000 highest-income taxpayers while offering 4 million more a small tax cut. The maximum rate rose from 28 to 31 percent. The bill was expected to raise $137 billion in additional revenue over five years. The Deficit Reduction Act of 1993 combined increased taxes with spending reductions. OMB predicted that these reforms would reduce the deficit by $504.8 billion over five years. The CBO, using a different formula, set the estimate at $433 billion.

In passing the Balanced Budget Act of 1997, Congress reduced spending on entitlement programs by $122 billion ($115 billion from Medicare) and discretionary appropriations by around $140 billion. 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


brook.edu

Scumbria
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