Rudman was a founder of the Concord Coalition with former U.S. Sen. Paul Tsongas, a Democrat from Massachusetts. The group sought to raise awareness of the pending federal debt crisis.
Rudman was best known for co-writing the deficit reduction bill with fellow Republican Sen. Phil Gramm of Texas and Democrat Ernest Hollings of South Carolina.
The bill required "sequestration" of federal funding if deficit targets were not reached. The move helped reduce the federal deficit at the time, but since then the deficit has grown substantially.