What did the Omnibus Budget Reconciliation Act of 1993 do?

The Omnibus Budget Reconciliation Act of 1993 was a significant piece of legislation aimed at reducing the federal budget deficit. It implemented tax increases primarily on higher-income earners, while also making cuts to various federal programs. The act aimed to promote fiscal responsibility and was a key component of President Bill Clinton's economic strategy. Additionally, it included provisions for welfare reform and increased funding for education and healthcare.