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Fiscal Responsibility Act

All articles tagged with #fiscal responsibility act

politics3 years ago•3 min saved

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.

via The New York Times|

#biden #debt-limit-crisis #fiscal-responsibility-act

politics3 years ago•3 min saved

US avoids default with debt ceiling deal, but crisis looms in the future.

President Biden addressed the nation after Congress passed an agreement to suspend the debt ceiling and limit federal spending. The bill, known as the Fiscal Responsibility Act, will be signed by the president on Saturday. The agreement suspends the debt limit until the first quarter of 2025, leaving the next fight over the debt limit until after the 2024 presidential election. The deal keeps non-defense discretionary spending roughly flat, with current 2023 levels for 2024. The agreement codifies an end to student loan payment suspensions, meaning loan holders will need to begin making payments again in September.

via CBS News|

#biden #congress #debt-ceiling

finance3 years ago•8 min saved

Stocks Rise on Debt Deal and Positive Jobs Report

The US Senate passed the Fiscal Responsibility Act, which eliminates the possibility of a US sovereign default until early 2025. The focus is now on the economy and monetary policy, with Fed officials signaling a potential "skip" in the June 14 meeting. The market for generative AI is projected to reach $1.3 trillion in revenue by 2032, according to a new report by Bloomberg Intelligence. Apple's Worldwide Developers Conference is happening next week, with expectations of a virtual reality headset and updated software for its products. The chart for Apple's stock is sending a bearish signal with a rising, narrowing wedge pattern.

via RealMoney|

#ai #apple #federal-reserve

politics3 years ago•2 min saved

Debt ceiling deal faces opposition from GOP lawmakers.

Republican Rep. Matt Rosendale announced that he will vote against the deal to raise the nation’s debt ceiling, calling it an “insult” to Americans. The Montana Rep. signaled he would not be in favor of the “Fiscal Responsibility Act,” which he referred to as the “Fiscal Irresponsibility Act.” The House will vote on the deal Wednesday, ahead of the June 5 cut-off date provided by Treasury Secretary Janet Yellen, who said after that, the US could default on its debt obligations.

via New York Post |

#debt-ceiling #fiscal-responsibility-act #matt-rosendale

politics3 years ago•2 min saved

Debt ceiling deal sparks controversy among lawmakers.

Republican Rep. Matt Rosendale from Montana has announced that he will vote against the "Fiscal Responsibility Act," the debt ceiling deal proposed by House Speaker Kevin McCarthy, R-Calif. Rosendale criticized the proposal for failing to cut federal spending and called it an insult to the American people. He had previously voted in favor of the initial Republican debt ceiling proposal, the "Limit, Save, Grow Act," which he said was written to create economic growth while minimizing inflationary consequences of reckless spending. The House will vote on the debt ceiling deal on Wednesday.

via Fox News|

#debt-ceiling #federal-spending #fiscal-responsibility-act