The Gramm-Rudman-Hollings Act of 1985 Created a

question 68

Multiple Choice

The Gramm-Rudman-Hollings Act of 1985 created a

• A)Deficit ceiling.
• B)Debt ceiling.
• C)Mandated balanced budget by 2005.
• D)Prohibition against external financing of the debt.

---

Definitions:

Court Ordered Decree

A formal order issued by a court that mandates or legally finalizes a decision, often related to divorce, child custody, or support.

Married Filing Separately

This is a financial status for spouses permitting them to file their taxes individually by reporting their own income, deductions, and exemptions on different tax returns.

Student Loan Interest

Interest paid on a loan taken out to fund educational expenses, which may be deductible under certain conditions for tax purposes.

Eligible Taxpayer

Eligible Taxpayer is a term defining someone who meets specific criteria set by tax laws to benefit from certain deductions, credits, or tax advantages.