Over the weekend, President Biden signed legislation addressing the debt ceiling - the Fiscal Responsibility Act - into law. With bipartisan support in both the House and the Senate, the legislation ensured that the U.S. would not default on its debt limit before the June 5th deadline. It will be important to watch the impact of this legislation in the upcoming 2024 election season, as well as if any long-term divisions result from the internal politics surrounding the debt limit within both Republican and Democratic caucuses in Congress.
In addition to suspending the debt ceiling for two years, the legislation enacts a number of other spending reforms, which are detailed in Brumidi Group's latest infographic.
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