Congress is expected to vote on the Fiscal Responsibility Act this week as lawmakers look to raise the debt ceiling before June 5.
The bipartisan budget deal reached by House Speaker Kevin McCarthy, R-Calif., and President Joe Biden will put the incoming 119th Congress and a possible new presidential administration on the clock for a new debt limit and budget deal"extraordinary measures"These measures typically last several months, as has been the case in the current debt limit saga: Treasury began using extraordinary measures in mid-January and has projected those will be exhausted as early as June 5.
The bipartisan Fiscal Responsibility Act would implement mandatory caps on discretionary spending for the next two years. Assuming that the Treasury is forced to deploy extraordinary measures in January 2025, the 119th Congress – which will be composed of members elected in 2024 – will have to hit the ground running and reach an agreement by spring or early summer on a debt limit hike and budget agreement.
It’s possible that such a deal could involve an extension of the Fiscal Responsibility Act’s spending caps.
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