President Biden has signed a debt ceiling increase, raising the government’s borrowing limit and averting a potential default on the national debt.
The deal Biden negotiated with House Speaker Kevin McCarthy, R-Calif., — called the Fiscal Responsibility Act, suspends the public debt limit through Jan. 1, 2025 and cuts non-defense spending to near fiscal 2022 levels, capping growth at 1% for the next two years and proposing non-mandatory caps for the four years after. It also claws back some money aimed at the Internal Revenue Service and some unspent COVID-19 pandemic funds.
This is a developing story and will be updated.