What were the terms of the Omnibus Budget Reconciliation Act of 1990?
1. The Omnibus Budget Reconciliation Act of 1990 aimed to reduce the federal budget deficit by increasing taxes and cutting spending.
2. The Act included increases in taxes on cigarettes, gasoline, luxury items, and higher-income individuals.
3. It also included spending cuts in various government programs, including Medicare, Medicaid, and farm subsidies.
4. The Act was passed by Congress and signed into law by President George H.W. Bush in 1990.
5. The Act was designed to address the growing budget deficit and put the federal government on a path towards balanced budgets in the future.