PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Bill who wrote (154721)	6/21/2001 5:55:40 PM
From: J_F_Shepard	Read Replies (2) of 769670

"there is no such thing as the "Deficit Reduction Act of 1993". " The only thing officially called a Deficit Reduction Act was signed in 1984 not 1985, however the Omnibus Reconciliation Act of 1993 is most often called the Deficit Reduction Act of 1993. Here's a search using "Deficit Reduction Act of 1993".....there are 35 web sites that show up. google.yahoo.com Of particular interest, I think is this one: brook.edu Here's an excerpt from it.... "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." Note the reference to the the Deficit Reduction Act of 1993 ...... It appears you are in error sir......

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