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TeachMeFinance.com - explain Balanced Budget and Emergency Deficit Control Act of 1985 (Public Balanced Budget and Emergency Deficit Control Act of 1985 (Public
Law 99-177) -- Referred to in CBO's reports as the Deficit Control Act,
it was originally known as Gramm-Rudman-Hollings. The law established specific
deficit targets and a sequestration procedure to reduce spending if those
targets were exceeded. The Deficit Control Act has been amended and extended
several times--most significantly by the Budget Enforcement Act of 1990
and most recently by the Balanced Budget Act of 1997.
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