Actionable Insights – June

On June 3rd, President Joe Biden signed the Fiscal Responsibility Act of 2023 to raise the country’s debt ceiling. As expected, after much political brinksmanship and at the last minute (in this case, with 2 days to go for the ‘x date’) Also as expected, with minimal cuts in spending. In a nutshell, it suspended the debt limit until 2025 after the next presidential election and gives lawmakers budget targets for the next two years. It rejected Biden’s call to roll back Trump era tax breaks on corporations and the wealthy and only curbs non defense discretionary spending, or just about one seventh of this year’s $6.4 trillion federal budget.