Omnibus Budget Reconciliation Act of 1993 in the context of "Clinton administration"

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⭐ Core Definition: Omnibus Budget Reconciliation Act of 1993

The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was a federal law that was enacted by the 103rd United States Congress and signed into law by President Bill Clinton on August 10, 1993. It has also been unofficially referred to as the Deficit Reduction Act of 1993. Part XIII of the law is also called the Revenue Reconciliation Act of 1993.

The bill stemmed from a budget proposal made by Clinton in February 1993; he sought a mix of tax increases and spending reductions that would cut the deficit in half by 1997. Though every congressional Republican voted against the bill, it passed by narrow margins in both the House of Representatives and the Senate. The act increased the top federal income tax rate from 31% to 39.6%, increased the corporate income tax rate, raised fuel taxes, and raised various other taxes. The bill also included $255 billion in spending cuts over a five-year period. In 1998, the effects of the bill helped the US federal government to experience its first budget surplus since the 1960s.

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⭐ Core Definition: Omnibus Budget Reconciliation Act of 1993
Omnibus Budget Reconciliation Act of 1993 in the context of Presidency of Bill Clinton

Omnibus Budget Reconciliation Act of 1993 in the context of Presidency of Bill Clinton

Bill Clinton's tenure as the 42nd president of the United States began with his first inauguration on January 20, 1993, and ended on January 20, 2001. Clinton, a Democrat from Arkansas, took office after defeating the Republican incumbent president George H. W. Bush and independent businessman Ross Perot in the 1992 presidential election. Four years later, he won re-election in the 1996 presidential election, after defeating the Republican nominee Bob Dole, and also Perot again (then as the nominee of the Reform Party). Alongside Clinton's presidency, the Democratic Party also held their majorities in the House of Representatives and the Senate during the 103rd U.S. Congress following the 1992 elections, thereby attained an overall federal government trifecta. Clinton was constitutionally limited to two terms (the first re-elected Democrat president to be so) and was succeeded by Republican George W. Bush, who won the 2000 presidential election against Clinton's preferred successor, vice president Al Gore.

President Clinton oversaw the second longest period of peacetime economic expansion in American history. Months into his first term, he signed the Omnibus Budget Reconciliation Act of 1993, which raised taxes and set the stage for future budget surpluses. He signed the bipartisan Violent Crime Control and Law Enforcement Act and won ratification of the North American Free Trade Agreement, despite opposition from trade unions and environmentalists. Clinton's most ambitious legislative initiative, a plan to provide universal health care, failed to advance through Congress. A backlash to Clinton's agenda sparked the Republican Revolution, with the GOP taking control of the House of Representatives for the first time in 40 years. Clinton pivoted to the center in response by assembling a bipartisan coalition to pass welfare reform, and he successfully expanded health insurance for children.

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