Question

Go back to page 283 under the heading raising revenue. what was the omnibus budget roconciliation act of 1993? did it work?

Answer 1

The omnibus (1993) was a federal law enacted by the 103rd United States Congress was signed into law by President Bill Clinton. It aimed at reducing deficit through raising of revenue and hence it is also unofficially called the Deficit Reduction Act of 1993.
The effect was that the Clinton administration was able to raise additional revenue which helped balance the budget and by the end of the 1990s began to reduce privately held public debt.