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If in any fiscal year the budget deficit exceeds the prescribed maximum by more than a specified sum, the Act requires basically across-the-board cuts in federal spending to reach the targeted deficit level. These reductions are accomplished under the "reporting provisions" spelled out in of the Act, which requires the Directors of the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) to submit their deficit estimates and program-by-program budget reduction calculations to the Comptroller General, who, after reviewing the Directors' joint report, then reports his conclusions to the President...
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Common topics in this essay:
- Bowsher v. Senar, 1986
- U.S. Budget Deficit - Good or Bad?
- Budget Deficit
- Budget Deficit
- Deficit Spending: The Deficit Good Or Bad
- National Debt and Budget Deficit
- The Budgetary System Of Bangladesh & Remedies To Overcome Budget Deficit
- Trade Deficit
- U.S. Deficit Good Or Bad?
- U.S. Federal Budget Deficit
- Budget Deficit & National Debt
- Budget Deficit & National Debt
- Deficit Spending
- Base deficit
- budget deficit
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