ARTICLE · 12 JUNE 2023

What's In The Fiscal Responsibility Act?

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President Biden has signed into law the Fiscal Responsibility Act of 2023 (FRA), thereby finalizing the new debt ceiling agreement that he reached with U.S. House of Representatives...

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Michael Loesevitz

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President Biden has signed into law the Fiscal Responsibility Act of 2023 (FRA), thereby finalizing the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The FRA suspends - as opposed to raising - the debt ceiling through January 1, 2025, after the next presidential election, and increases the limit on January 2, 2025, to accommodate the obligations issued during the suspension period.

The FRA also makes a variety of changes related to domestic spending, although it falls far short of the cuts included in the Republican bill that the House passed in April 2023, with no changes to the GOP's long-time targets of Social Security and Medicare. Nonetheless, the Congressional Budget Office (CBO) projects that the law will reduce the federal deficit by about $1.5 trillion over ten years.

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