Fiscal Responsibility Act of 2023

Over Memorial Day weekend, President Joe Biden and House Speaker Kevin McCarthy (R-CA-20) struck a “tentative” deal intended to avoid a catastrophic default on the United States’ debt. In the days since the initial announcement, more details about the deal – now known as the Fiscal Responsibility Act of 2023, H.R. 3746 – have continued to emerge. As of posting, Congress is expected to pass H.R. 3746 without amendment before June 5, when the Treasury Department would have “insufficient resources to satisfy the government’s obligations.” In this post, NSAC examines several major components of the deal to better understand these impacts, including annual appropriations and the 2023 Farm Bill reauthorization. … Read More →