The bill stemmed from a budget proposal made by Clinton in February 1993; he sought a mix of tax increases and spending reductions that would cut the deficit in half by 1997.

Though every congressional Republican voted against the bill, it passed by narrow margins in both the House of Representatives and the Senate.

They argued that by taming the deficit, Clinton would encourage Federal Reserve Chairman Alan Greenspan to lower interest rates, which, along with increased confidence among investors, would lead to an economic boom.

[7] Some of Clinton's advisers also believed that a focus on cutting the deficit would be politically beneficial since it would potentially help Democrats shed their supposed "tax and spend" reputation.

[10] Clinton presented his budget plan to Congress in February 1993, proposing a mix of tax increases and spending reductions that would cut the deficit in half by 1997.

The government was able to raise additional revenue, which helped to balance the budget and, by the end of the 1990s, began to reduce privately held public debt.

It was endorsed by Bill Cohen (R-ME), Bennett Johnston (D-LA), and John Danforth (R-MO).

The CBO estimate did not count or only gave partial credit for the debt refinancing plan, spending cuts that were already included in the previous 1990 budget act but were furthered by the 1993 act, and a plan to auction off parts of the radio frequency spectrum to commercial communications vendors.