The Deficit Reduction Act was passed by the US Congress in 1993 under the Clinton administration. It was designed to increase tax revenues by $250 billion over a period of 5 years and to reduce Federal spending by the same amount. The legislation increased the top marginal tax rate on personal income to 39.6% and added roughly four cents per gallon to the Federal excise tax on gasoline. All in all, it promoted a reverse crowding-out effect. Additional information can be found under Omnibus Budget Reconciliation Act of 1993. The Congress of the United States is the legislative branch of the federal government of the United States of America. ... 1993 (MCMXCIII) was a common year starting on Friday of the Gregorian calendar and marked the Beginning of the International Decade to Combat Racism and Racial Discrimination (1993-2003). ... William Jefferson Bill Clinton (born August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... Tax revenue is the income that is gained by governments because of taxation of the people. ... Legislation refers to the process of enacting statutory laws, or to the set of statutory laws in a state. ... The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was passed by the 103rd United States Congress and signed into law by President Bill Clinton. ...

Reference

McConnell Brue Economics, 15th Edition, McGraw-Hill