Biden's Fiscal Responsibility Act Ends Debt Limit Crisis and Earns Praise.

President Biden signed the Fiscal Responsibility Act of 2023 into law, suspending the nation's debt ceiling and putting limits on spending for two years. The legislation was passed by the House and the Senate following weeks of negotiations with Republicans. The deal was reached after Mr. Biden agreed to begin discussions with Speaker Kevin McCarthy, a California Republican. The legislation allows the government to borrow what it needs to meet its obligations and reduces government spending by about $1.5 trillion over the next decade.