Debt ceiling deal passes House; Senate begins debate 

The House May 30 voted 314-117 to pass the bipartisan Fiscal Responsibility Act of 2023 (H.R. 3746), a deal to suspend the debt limit for nearly two years and make other policy changes. The Senate has begun consideration of the bill; a vote is possible by Friday, June 2. 
  
The debt ceiling deal includes suspending the nation’s $31.4 trillion borrowing limit until January 2025; enacting limits on the growth of federal discretionary spending over the next two years; adding some new work requirements for certain recipients of food stamps and the Temporary Aid for Needy Families program; clawing back some money from the IRS and COVID-19 relief; and setting up a new statutory ‘PAYGO’ process for Executive Branch rules that increase spending, with some exceptions and waivers.  
   
Treasury Secretary Janet Yellen said that the government would default if Congress does not increase or suspend the debt ceiling by June 5.