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TeachMeFinance.com Balanced Budget and Emergency Deficit Control Act of 1985 (Public Law 99-177) -- Referred to in CBO's reports as the Deficit Control Act, it was originally known as Gramm-Rudman-Hollings. The law established specific deficit targets and a sequestration procedure to reduce spending if those targets were exceeded. The Deficit Control Act has been amended and extended several times--most significantly by the Budget Enforcement Act of 1990 and most recently by the Balanced Budget Act of 1997. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.