Omnibus Budget Reconciliation Act of 1993

Omnibus Budget Reconciliation Act

Long title	An Act to provide for reconciliation pursuant to section 7 of the concurrent resolution on the budget for fiscal year 1994.
Acronyms (colloquial)	OBRA-93
Nicknames	Deficit Reduction Act of 1993, Revenue Reconciliation Act of 1993
Enacted by	the 103rd United States Congress
Effective	August 10, 1993
Citations
Public law	103-66
Statutes at Large	107 Stat. 312 through 685 Stat. 1025 (374 pages)
Legislative history
Introduced in the House as the "Omnibus Budget Reconciliation Act of 1993" (H.R. 2264) by Martin Olav Sabo (D–MN) on May 25, 1993 Committee consideration by Budget Passed the House on May 27, 1993 (219-213) Passed the Senate on June 25, 1993 (50–49) with amendment House agreed to Senate amendment on August 5, 1993 (218-216) with further amendment Senate agreed to House amendment on August 6, 1993 (51-50) Signed into law by President Bill Clinton on August 10, 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.