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On May 27, Biden and then-House speaker Kevin McCarthy struck a deal to increase the debt-ceiling but cap federal spending; [14] the resulting bill, the Fiscal Responsibility Act of 2023, passed the House on May 31 and the Senate on June 1. [15] Biden signed it into law on June 3, bringing the crisis to an end. [16]
Bill passed after senators rejected 11 proposed amendments
On June 3, 2023, the debt ceiling was suspended when U.S. president Joe Biden signed the Fiscal Responsibility Act of 2023 into law. [4] This ended the debt-ceiling crisis that began on January 19, 2023; the debt ceiling suspension remained in effect until December 31, 2024.
With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy on Sunday were finalizing a deal to raise the nation's debt ceiling while ...
House Republicans passed sweeping legislation Wednesday that would raise the government's legal debt ceiling by $1.5 trillion in exchange for steep spending restrictions, a tactical victory for ...
The debt limit was raised to approximately $31.381 trillion on Dec. 16, 2021, but a Republican-led Congress following the midterm elections is now looking for spending cuts in exchange for support ...
The federal government was in danger of a U.S. default on its debt until Thursday, Dec. 16, when President Joe Biden signed a law to raise the debt ceiling. The legislation increases the ...
Updated May 4, 2023 at 2:15 AM. ... “If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions ...