What Does Omnibus Budget Reconciliation Act of 1993 Mean?
The Omnibus Budget Reconciliation Act of 1993 was passed as part of President Clinton's first budget, which aimed to address the nation's debt problem. It mostly raised taxes for high-income citizens and corporations.
It is also known as the Deficit Reduction Act.
Insuranceopedia Explains Omnibus Budget Reconciliation Act of 1993
Prior to President Clinton's election, the US faced economic issues, particularly the mounting national debt. Once elected, Clinton enacted the Omnibus Act to tackled the national debt by increasing taxes to 36% for those who earned more than $115,000 and raising the corporate income tax from 34% to 36%.
After the budget narrowly passed both houses, Clinton signed it into law in August, 1993.