President Biden Signs Debt Ceiling Bill
Published June 13, 2023
By AACOM Government Relations
Advocacy Appropriations Federal Policy OME Advocate
- On May 27, 2023, President Biden and House Speaker McCarthy reached an anxiously awaited agreement to raise the federal debt limit.
- The Fiscal Responsibility Act of 2023, P.L. 118-5, suspends and raises the debt limit into 2025, while providing political victories for both Democrats and Republicans. The law makes modest reforms to the student loan program, adjusts work requirements for Temporary Aid to Needy Families Program and Supplemental Nutrition Assistance Program recipients and rescinds $28 billion in unspent COVID-19 funding.
- After passing the House and Senate with bipartisan support, the package was signed by President Biden on June 3, 2023, just two days before the June 5, 2023 default deadline posed by Treasury Secretary Janet Yellen. Learn more.