Date: December 11, 1985

Subject: Gramm/Rudman Deficit Reduction Package

Description: Adoption of the conference report on the joint resolution to raise the ceiling on the federal debt to $2.079 trillion from $1.824 trillion; to set maximum allowable federal deficits for fiscal years 1986-91, declining annually to zero in fiscal 1991; to require the President, if projected deficits exceed those allowed, to issue an emergency order reducing all federal spending by the same percentage amount, to reduce deficits to the maximum allowed, with half of such cuts to come from defense and half from non-defense programs; to exempt Social Security, interest on the national debt and certain poverty programs from such automatic cuts; to limit the size of such cuts as they affect certain health programs; to revise congressional budget procedures; to remove Social Security from the unified federal budget in fiscal 1986 and thereafter; and to replenish the Social Security trust funds of any interest lost due to disinvestment or non-investment of those trust funds during periods in 1985 when the ceiling on the federal debt was about to be breached.

Result: Conference Report Agreed to, 61-31

Democrat: 22 Yeas, 22 Nays, 3 Not voting
Republican: 39 Yeas, 9 Nays, 5 Not voting

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