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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.

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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

Senior Fellow for National Security & Managing Director of CEO Programs

Read BioDr. Lori Esposito Murray

John Gardner

John Gardner

Vice President, Public Policy

Read BioJohn Gardner

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