Balanced Budget Act of 1997
The Balanced Budget Act of 1997 (Pub. L. 105-33) was enacted in the 105th Congress. It was the legislative result of an agreement between a bipartisan group in Congress, comprising the Republican Leadership, and very importantly, Congressman John Spratt (D-SC), Ranking Member of the House Budget Committee. The budget agreement’s stated intent was to bring the Federal Government into balance by fiscal year 2002 through a variety of spending reductions. The largest among these were in the Medicare program, though spending cuts were spread across the government.
For purposes of budget law, the most important part of the reconciliation bill was its general reform of the Congressional budget process, and its extension of the BBEDCA spending and deficit enforcement provisions through fiscal year 2002.
The bill was accompanied by the Taxpayer Relief Act of 1997 (Pub. L. 105-34), which reduced taxes by a modest amount and included the first child tax credit (for $400 per child).
See the Balanced Budget Act of 1997 (Pub. L. 105-33), which includes the provisions of the Budget Enforcement Act of 1997.