President Joe Biden signed the Fiscal Responsibility Act on Saturday, suspending the debt ceiling for 19 months and bringing a monthslong political battle to a close. The compromise legislation negotiated by Biden and House Speaker Kevin McCarthy (R-Calif.) passed both houses of Congress with bipartisan support this week, averting a potential default on the nation’s…
Biden Signs Debt Ceiling Bill, Ending Monthslong Political Battle
June 3, 2023
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Business & Marketseconomic policieseconomyExecutive BranchPoliticsRepublicansthe Fiscal Responsibility Act of 2023USUS debt ceilingUS NewsUS President Joe Biden
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Biden Signs Debt Ceiling Bill, Ending Months of Political Battle
June 3, 2023
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Business & Marketseconomic policieseconomyExecutive BranchPoliticsRepublicansthe Fiscal Responsibility Act of 2023USUS debt ceilingUS NewsUS President Joe Biden
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President Joe Biden signed the Fiscal Responsibility Act on June 3, suspending the debt ceiling for 19 months and bringing a months-long political battle to a close. The legislation negotiated by Biden and House Speaker Kevin McCarthy (R-Calif.) passed both houses of Congress with bipartisan support last week, averting a potential default on the nation’s…
ANALYSIS: McCarthy Emerges Stronger From Debt Ceiling Battle
House Speaker Kevin McCarthy (R-Calif.) is no longer the underrated quarterback of the House of Representatives. Despite being drafted in the 15th round and persistently ignored by President Joe Biden, the dogged Californian succeeded in compelling the president to negotiate, standing firm on red-line issues, and moving a debt ceiling bill through Congress despite holding…
Senate Passes Debt Ceiling Deal, Sending Bill to Biden’s Desk
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…
Senate Passes Debt Ceiling Bill, Ending Threat of Default
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…
Schumer Will Keep Senate in Session ‘Until the Job Is Done’ on Debt Ceiling
“We will keep working until the job is done. Time is a luxury the Senate does not have,” Senate Majority Leader Chuck Schumer (D-N.Y.) told senators on June 1. The job is to vote on the Fiscal Responsibility Act, which cleared the House with an overwhelming bipartisan vote on May 31. The measure suspends the…
Debt Ceiling Bill Cleared for House Vote, Passage Likely
The Fiscal Responsibility Act cleared its last procedural hurdle, paving the way for an up-or-down vote on the measure by the full House. The House approved a rule to limit debate on the bill and bar any amendments to the bill in a bipartisan vote of 241 to 187. The bill represents a compromise agreed…
‘No One Gets Everything They Want’ on Debt Ceiling Deal, Budget Director Says
May 30, 2023
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Office of Management and Budget Director Shalanda YoungPoliticsUSUS debt ceilingUS President Joe Biden
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The Fiscal Responsibility Act of 2023 resulted from a good-faith effort on both sides of the negotiating table to hammer out a solution to the debt ceiling crisis that would avoid a default. That’s a good outcome, according to Office of Management and Budget Director Shalanda Young, even though some may be disappointed with the…
Yellen Revises Default Date to June 5, Easing Pressure on Debt Ceiling Negotiations
Treasury Secretary Janet Yellen revised the projected X-date for the budget ceiling to June 5, pushing back the threat of a default on the nation’s financial obligations for four days. Yellen updated the prediction on the afternoon of May 26, revising the previous estimate of “early June” given in January and later revised to “potentially…
Gaetz Predicts Debt Ceiling Deal Won’t Harm McCarthy
As negotiators zero in on the details of an agreement to raise the debt ceiling, some Republican representatives are downplaying the idea that cutting a bipartisan deal will endanger the position of House Speaker Kevin McCarthy (R-Calif.). McCarthy was elected speaker in January after a record 15 ballots. Because Republicans hold a slim majority in…
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