Fiscal Responsibility Act of 2023

Following months of negotiations, on Sunday, May 28, 2023, Congress released the text of a compromise bill to raise the nation’s debt ceiling. The debt ceiling authorizes the United States Government to borrow money to meet its existing legal obligations such as Social Security and Medicare benefits, pay for military members, interest on the national debt, among others. The debt limit must be raised by Congress periodically and currently must be raised by June 5 to avoid a default on the national debt...