Senate Passes Fiscal Responsibility Act

Objectivity 4.8 | Credibility 4.8 | Relevance 4.8

The U.S. Senate has passed the Fiscal Responsibility Act by a vote of 63-36.  Working until late Thursday night, the Senate heard and rejected 11 amendment proposals which would have sent the bill back to the House and which could have caused the bill to miss the June 5 deadline expressed by Treasury Secretary Janet Yellen.  The bill suspends the debt limit with no cap until January 1, 2025, cuts non-defense spending to near 2022 levels, cuts funding to the IRS and recovers unspent COVID-19 funding.  The bill also provides fast-track permitting for the Mountain Valley Pipeline (MVP), a 300-mile natural gas pipeline running from West Virginia to Virginia.  The bill also ends the Department of Education’s pause on federal student loan repayments starting August 30.  President Joe Biden is expected to sign the bill.