Policy Backgrounders
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Navigating the Economic Storm

Policy Backgrounders

CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.

Fiscal Responsibility Act

June 02, 2023

With Senate approval Thursday night, the Congress approved the Fiscal Responsibility Act (FRA), which raises the debt ceiling until 2025 and provides spending guidelines for the next several fiscal years.

  • The FRA puts the next debt ceiling debate bill past the 2024 elections. But it suspends—rather than raises—the debt ceiling.
  • Overall spending will rise slightly, roughly in line with expected inflation, for Fiscal Years 2024 and 2025. Defense spending and veterans’ spending are protected (and will rise), while domestic discretionary spending will fall by $1 billion for 2024.
  • The FRA does not include an independent fiscal commission to consider broader reform of Federal spending, including funding for Federal entitlement programs.
  • Permitting reform is a part of the bill, which will speed Federal approval of projects of all types, including those funded under the Infrastructure Investment and Jobs Act and the Inflation Reduction Act. CED has long recommended permitting reform, although the bill does not contain all of CED’s recommendations.

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Authors

Dr. Lori Esposito Murray

Dr. Lori Esposito Murray

Former President

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John Gardner

John Gardner

Vice President, Public Policy

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Publications

Webcasts, Podcasts and Videos

Window on China: Outlook for 2024

January 25, 2024 09:00 AM CET (Brussels), 04:00 PM SGT (Singapore)

China's evolving data security regulatory framework

September 14, 2023 03:00 AM ET (New York), 09:00 AM CET (Brussels), 03:00 PM SGT (Singapore)

Press Releases / In the News

BRIEF

Inflation Heads in Wrong Direction for Fed

April 26, 2024

BRIEF

US Economic Growth Cooled in Q1 2024

April 25, 2024

PRESS RELEASE

US Leading Economic Index® (LEI) Fell in March

April 18, 2024

BRIEF

March retail sales rose, but real Q1 spending was lackluster

April 15, 2024

BRIEF

CPI remained stubbornly elevated in March

April 10, 2024

BRIEF

Employment Report Poses Some Risk to Fed Cut Timing

April 05, 2024

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