Bill

Major Purposes

Change in Revenue

Change in Outlays

Net Effect on Deficit

Omnibus Reconciliation Act of 1980

First use of reconciliation process.

$29.2 billion

-$50.38 billion

-$79.58 billion; 1981-1985

Omnibus Budget Reconciliation Act of 1981

Made significant cuts to discretionary programs, including welfare and food stamps.

-$130 billion

-$130 billion; 1981-1984

Omnibus Budget Reconciliation Act of 1982

Reauthorized and made changes to food stamp program. Made changes to federal employee pay formula and to the farm support program.

-$13.3 billion

-$13.3 billion; 1983-1985

Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)

Rescinded some provisions of the previous year’s Kemp-Roth tax cuts.

$98.3 billion

-$17.5 billion

-$115.8 billion; 1983-1985

Omnibus Reconciliation Act of 1983

Made changes to federal employee pay and retirement formulas.

-$8.2 billion

-$8.2 billion; 1984-1987

Consolidated Omnibus Budget Reconciliation Act of 1985

Mandated an insurance program giving some employees the ability to continue health insurance coverage after leaving employment (COBRA) and amended the Internal Revenue Code to deny income tax deductions to employers for contributions to a group health plan unless such plan meets certain continuing coverage requirements.

$9 billion

-$15.9 billion

-$24.9 billion; 1986-1989

Omnibus Budget Reconciliation Act of 1986

Ordered the sale of Conrail. Made minor changes to Medicare hospital provisions.

$10.5 billion

-$6.5 billion

-$17.0 billion; 1987-1989

Omnibus Budget Reconciliation Act of 1987

Created federal standards for nursing homes under Medicare and expanded Medicaid eligibility

$23.2 billion

-$16.4 billion

-$39.6 billion; 1988-1989

Omnibus Budget Reconciliation Act of 1989

Made approximately $10 billion in spending cuts

$15.4 billion

-$23.77 billion

-$39.2 billion; 1990-1992

Omnibus Budget Reconciliation Act of 1990

Established Pay-As-You-Go (PAYGO) rules for the first time and implemented a range of tax increases

$137 billion

-$184 billion

-$236 billion; 1991-1995

Omnibus Budget Reconciliation Act of 1993

Created two new personal income tax rates and a new tax rate for corporations. The cap on Medicare taxes was repealed, and gas taxes were raised. The taxable portion of Social Security benefits was increased. The phase-out of the personal exemption and limit on itemized deductions were permanently extended, and the earned income tax credit was expanded.

$250.1 billion

-$254.7 billion

-$504.8 billion; 1994-1998

Personal Responsibility and Work Opportunity Act (1996)

Clinton’s welfare reform bill

$1.9 billion

-$52.2 billion

-$54.1 billion; 1997-2002

Balanced Budget Act of 1997

Contained first portion of Clinton’s plan to balance the federal budget by FY 2002. Created the Children’s Health Insurance Program. Made changes to Medicare hospital payment policy.

$8.6 billion

-$118.6 billion

-$127.2 billion; 1998-2002

Taxpayer Relief Act of 1997

Clinton’s tax cut package

-$88.9 billion

$11.5 billion

$100.4 billion; 1997-2002

Economic Growth and Tax Relief Reconciliation Act of 2001

First Bush 43 tax cuts

-$512 billion

$40 billion

$552 billion; 2001-2006

Jobs and Growth Tax Relief Reconciliation Act of 2003

Second Bush 43 tax cuts

-$314 billion

$29.5 billion

$342.9 billion; 2003-2008

Deficit Reduction Act of 2005

Reduced Medicare and Medicaid spending, changed student loan formulas, and reauthorized the Temporary Assistance for Needy Families program.

N/A

-$39 billion

-$39 billion; 2006-2010

Tax Increase Prevention and Reconciliation Act of 2005

Extended several of the earlier Bush tax cuts, including the reduced tax rates on capital gains and dividends and the alternative minimum tax (AMT) tax reduction.

-$70.0 billion

N/A

$70.0 billion; 2006-2010

College Cost Reduction and Access Act of 2007

$20 billion student aid reform package. Included grant increases, loan rate reductions, and created public service loan forgiveness program.

N/A

-$752 million

-$752 million; 2007-2012