One giant step for Washington. (Gramm-Rudman-Hollings plan) From: U.S. News & World Report | Date: December 23, 1985| Author: Sheler, Jeffrey L. | COPYRIGHT 1985 All rights reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

In a historic act of repentance for decades of deficit spending, Congress has set America in an uncharted course toward a balanced federal budget.

President Reagan, rejecting critics' arguments that it will be unworkable, signed the so-called Gramm-Rudman-Hollings plan into law on December 12, putting in motion a scheme to force lawmakers and the White House to meet annual deficit-reduction targets or face automatic spending cuts.

Approval of the Reagan-backe...

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