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The Senate ended the threat of a U.S. default on its financial obligations by passing the Fiscal Responsibility Act of 2023 on June 1. The measure now moves to the desk of President Joe Biden, whose signature will lay the matter to rest for at least the next 19 months.
The bill passed in a bipartisan vote of 63 to 36.
Compromise Bill
The legislation resulted from a compromise forged by President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) to suspend the debt limit through Jan. 1, 2025, while making slight reductions to non-defense discretionary spending and modest increases in defense spending in 2024. Discretionary spending growth is capped at 1 percent for 2025.
