Debt Ceiling raised Debt Ceiling

Senate Passes Debt Ceiling Bill, Ending Threat of Default

Yesterday, the Senate ended the threat of a U.S. default on its financial obligations by passing the Fiscal Responsibility Act of 2023. 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. [Epoch Times]

The bill passed in a bipartisan vote of 63 to 36 that 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.

What prompted this quick vote by the Senate?

There was a provision in the bill that included a provision to cut defense spending automatically if a federal budget is not passed on time. That would be totally unacceptable to any rational elected official when the world is in turmoil with frequent threats of nuclear war.

It also increases 3.3% next year.