|Source: My Vintage Video-CNN's The Capital Gang-|
This whole show was about the 1993 Deficit Reduction Act. That was offered by President Bill Clinton, which was his first major economic bill as President. That was passed by a Democratic Congress by a total of two votes. One vote majority in the House and a one vote majority in the Senate. With only Congressional Democrats voting for the DRA. With not a single House or Senate Republican voting for it. You can make a case that the DRA cost Democrats Congress in 1994. But the plan worked with the budget almost balanced by 1996. With most of the new revenue to the Federal budget coming from the new revenue and tax hikes from the 1993 plan. Which was a combination of spending cuts both in defense and non-defense and a tax hike on the wealthy. And reversing some of the tax cuts from the Reagan Administration from the 1980s. The plan was costly politically, but it worked.
My Vintage Video: That Capital Gang- February 20, 1993: The Clinton Deficit Reduction Plan