Federal legislation passed in 1985, aimed at reducing the United States federal budget deficit through automatic spending cuts if predefined deficit targets are not met. Officially titled the Balanced Budget and Emergency Deficit Control Act of 1985.
The Office of Management and Budget (OMB) at the federal level is an agency within the Office of the President responsible for preparing and presenting the President's budget to Congress, developing fiscal programs in cooperation with the Council of Economic Advisers and the Treasury Department, reviewing administrative policies and performance of government agencies, and advising the President on legislative matters.
