Debt ceiling deal clears Senate

Senate lawmakers last night voted 63-36 to pass the bipartisan Fiscal Responsibility Act of 2023 (H.R. 3746), a deal to suspend the nation’s debt limit for nearly two years and make other policy changes. President Biden is expected to sign the bill ahead of the June 5 deadline. The bill averts a government default ahead of the deadline by suspending the nation’s $31.4 trillion borrowing limit until January 2025. The legislation will also enact limits on the growth of federal discretionary spending over the next two years; add some new work requirements for certain recipients of food stamps and the Temporary Aid for Needy Families program; claw back some money from the IRS and COVID-19 relief; and set up a new statutory ‘PAYGO’ process for Executive Branch rules that increase spending, with some exceptions and waivers.