부산대학교 도서관

This article discusses U.S. defense spending under the Gramm-Rudman-Hollings (GRH) Act, 1986-1989. By changing the federal budgetary process, the Gramm-Rudman-Hoilings Act of 1985 represented one of the most dramatic postwar efforts to change federal budgetary outcomes. The President was unwilling to cut defense spending or raise taxes, the Democrats in Congress were unwilling to cut low-income programs or domestic controllable programs, and neither side wanted to cut middle-class entitlements. GRH sought to break this deadlock, forcing deficit reduction by making the alternative to deficit reduction politically unpalatable. Initially, GRH specified deficit targets that would produce a balanced budget by fiscal year 1991. The act was amended as the Balanced Budget and Emergency Deficit Control Reaffirmation Act in 1987, and its deficit targets were delayed to fiscal year 1993. In 1990, this target was again postponed to fiscal year 1995, and the nature of GRH was significantly altered. INSET: Su-Kamlet-Mowrey (SKM) model.;Estimation of the SKM model....