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ARTICLE · 16 JUNE 2023

Congress Clears Major Agreement To Avert Debt Default

Polsinelli PC
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Days ahead of the Treasury Department's projected default date, the U.S. House and Senate cleared a bipartisan package to raise the debt ceiling, extend the country's borrowing powers...

United StatesGovernment, Public Sector
Julius W. Hobson, Jr.
Julius W. Hobson, Jr.
Sylvia Kornegay
Sylvia Kornegay

Deal Includes Significant New Regulatory Provisions

Days ahead of the Treasury Department's projected default date, the U.S. House and Senate cleared a bipartisan package to raise the debt ceiling, extend the country's borrowing powers, and offer stability and assurance to global markets. The Fiscal Responsibility Act, P. L. 118-5, passed the House (314-117) and Senate (63-36) with strong support from Democrats and Republicans and reflects compromise among voting blocs of both parties. The legislation is wide-ranging and includes budgetary, policy, and regulatory measures that President Joe Biden signed into law on June 3rd.

Budgetary

  • Temporarily suspends the debt ceiling through January 1, 2025 and establishes statutory caps on discretionary funding for fiscal years 2024 and 2025 that would be enforced by sequestration.

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