President Biden signs Fiscal Responsibility Act into law

 June 4, 2023

After weeks of intense negotiations between members of Congress and the White House, House Speaker Kevin McCarthy (R-CA) and President Joe Biden struck a deal to quash the impending debt default situation. 

According to the Washington Examiner, after the Fiscal Responsibility Act passed both the House and Senate without much of an issue, Biden signed the legislation into law, avoiding a debt default.

Biden signed the legislation into law on Saturday, according to the White House.

The FRA was signed just two days before the debt default situation would have likely crippled the U.S. and world economies.

Endzone dances

Though some members of Congress on both sides of the aisle were not happy with the two leaders' deal to avoid financial catastrophe, both leaders celebrated the signed deal.

"I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans.   Now, we continue the work of building the strongest economy in the world," Biden tweeted Saturday.

McCarthy laid out his plans for moving forward.

The Examiner explained the new bill:

The bill proposes suspending the nation’s debt ceiling until Jan. 1, 2025, in effect putting off another debt ceiling showdown until after the 2024 presidential election and freeing Biden from the problem for the rest of his term. Conservatives opposed setting a date rather than a dollar amount for the borrowing limit, arguing it gives Washington a blank check.

Still not happy

The deal still has plenty of critics who say McCarthy and Biden didn't hold the line strong enough for their tastes.

"You gave them a blank check for their agenda. Time for a motion to vacate," one Twitter user wrote about McCarthy.

"Spin it all you want. It's a disaster!" another Twitter user wrote.

Only time will tell if the deal struck between the two sides will hurt the American economy even more than it already has been.

" A free people [claim] their rights, as derived from the laws of nature."
Thomas Jefferson
© 2015 - 2024 Conservative Institute. All Rights Reserved.