Balanced Budget Act

The Balanced Budget Act, enacted in 1997 in the United States, aimed to reduce the federal budget deficit and manage government spending. It introduced measures to control costs in Medicare, Medicaid, and other social programs while promoting changes to encourage efficiency and competition in healthcare. The act sought to ensure that government expenditures did not exceed revenues, thereby aiming for a balanced federal budget. It also included provisions for welfare reform and enhanced funding for certain health initiatives, reflecting a shift towards both fiscal responsibility and support for vulnerable populations.