There were three times in the last 40 years when controls were imposed on how much Congress can spend each year.
The first time was the Gramm-Rudman-Hollings budget caps and sequesters in 1986. The second was the Clinton-Gingrich budget deal in 1995-96, and the third was the underrated Budget Control Act negotiated by then-Speaker John Boehner and Barack Obama, which instituted hard “pay-as-you-go” caps on domestic and defense spending.
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