Balanced Budget Act of 1997

The Balanced Budget Act of 1997 was a law aimed at reducing the federal deficit by cutting government spending, especially in healthcare programs like Medicare and Medicaid. It introduced reforms to control costs, improve efficiency, and promote better management of healthcare resources. The act also included measures to encourage private health insurance coverage and improve overall fiscal responsibility. Its goal was to balance the federal budget over time while maintaining essential services, though some cuts impacted healthcare providers and beneficiaries.