What is Gramm-Rudman-Hollings Balanced Budget Act?

Legal Definition
The Gramm–Rudman–Hollings Balanced Budget and Emergency Deficit Control Act of 1985 and the Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987 (both often known as Gramm–Rudman) were "the first binding spending constraints on the federal budget".

The Acts were named after Senators Phil Gramm (R-Texas), Warren Rudman (R-New Hampshire) and Ernest Hollings (D-South Carolina) who were their chief sponsors.
-- Wikipedia