President Joe Biden signed the new debt limit bill, “Fiscal Responsibility Act of 2023,” into law Saturday. This legislation passed with bipartisan support just before the debt ceiling deadline.
According to the White House, the bill “suspends the public debt limit through January 1, 2025, and increases the limit on January 2, 2025, to accommodate the obligations issued during the suspension period.”
It also establishes new discretionary spending limits, appropriates funding for the VA Toxic Exposures Fund, and rescinds certain unobligated balances. As the bill becomes law, work requirements for certain Federal programs will be expanded, environmental review processes will be modified and the suspension of Federal student loan payments will be terminated.
However, Biden said this week that his student debt relief plan is not impacted by the legislation. Learn more about what is in it here.
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