Fiscal Responsibility Act of 2023

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President Biden signing the Fiscal Responsibility Act into law on June 3, 2023

The Fiscal Responsibility Act of 2023 is an act of the 118th United States Congress that ended the debt limit until January 2025. It ended the 2023 United States debt-ceiling crisis.[1] This law was supported by both Republican and Democratic leadership.

Patrick McHenry introduced it on May 29, 2023 based on an agreement between President Joe Biden and House speaker Kevin McCarthy. The House approved on May 31, and the Senate on June 1. Biden signed it into law on June 3.[2]

References[change | change source]

  1. Foran, Clare; Robertson, Nicky; Wilson, Kristin (June 1, 2023). "Senate passes debt limit deal to avert default". CNN. Archived from the original on June 1, 2023. Retrieved June 1, 2023.
  2. Gregorian, Dareh (June 3, 2023). "Biden signs bipartisan debt ceiling bill to avert government default". NBC News. Archived from the original on June 3, 2023. Retrieved 2023-06-03.