by Charlotte Hazard
President Joe Biden signed the Fiscal Responsibility Act into law Saturday, the White House announced.
This legislation, H.R. 3746, raises the debt ceiling and avoids a potential catastrophic economic fallout two days before what Treasury Secretary Janet Yellen referred to as the default deadline.
This ends the monthlong partisan talks about the deal between House Speaker Kevin McCarthy and President Biden.
The “Fiscal Responsibility Act of 2023,” suspends the public debt limit through January 1, 2025, and increases the limit the day after.
McCarthy’s approval ratings after negotiating a compromise debt ceiling plan with President Joe Biden have gone up, according to a Rasmussen poll.
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Charlotte Hazard is a 2022 Liberty University alumni who graduated with a major in journalism and a minor in government.