Fiscal Responsibility Act of 2023 - Signed into Law on June 3, 2023
- Laurie Chen, CPA, MBA
- Jun 4, 2023
- 1 min read
On June 3, 2023, President Biden signed the Fiscal Responsibility Act into law.
This will suspend the debt ceiling for roughly two years and take into account various spending clawbacks and different takes on budget reform.
Here is a breakdown of some of what is included in the 99 page bill:
Capping spending for two years on non-defense programs keeping the spending levels flat next year and raising it by 1% in 2025. Funding for domestic programs across the board (outside of Social Security and Medicare) will stay the same next year.
Rescinding unspent COVID-19 funds (focused around programs such as the Global Health Fund)
Reducing the planned $80B in IRS expansion from the Inflation Reduction Act to help modernize and fund additional IRS audits.
Required to lift the student loan payments and interest freeze
