The budget compromise of 1990.

The Budget Act of 1990 was a compromise to deal with the recession of 1990 and the budget deficits from 1988 and 1989. A goal was set of cutting $500 billion from the federal deficit over five years. The act was the most significant tax law since the 1986 Tax Reform Act, and a major accomplishment of the President and Congress. However, no major changes in tax laws resulted, and emphasis was shifted to directly charging for services to taxpayers.