United States Passed Fiscal Responsibility Act of 2023 Bill to Raise Debt Ceiling & Avoid Potential Debt Default on Deadline 5th June 2023 Set by Treasury Secretary Janet Yellen, Amendments to the United States Fiscal Responsibility Act
2nd June 2023 | Hong Kong
The United States Senate has passed the Fiscal Responsibility Act of 2023 Bill to raise the debt ceiling (1/6/23) and avoid a potential debt default on deadline (5/6/23) set by United States Treasury Secretary Janet Yellen, with amendments made to the United States Fiscal Responsibility Act. United States Fiscal Responsibility Act of 2023: “This bill increases the federal debt limit, establishes new discretionary spending limits, rescinds unobligated funds, and expands work requirements for federal programs. Specifically, the bill suspends the federal debt limit through January 1, 2025, and increases the limit on January 2, 2025, to accommodate the obligations issued during the suspension period. In addition, the bill establishes new discretionary spending limits for FY2024 and FY2025 that are enforced with sequestration (i.e., automatic spending cuts). It also changes the limits to 1% below the FY2023 base funding levels if a continuing resolution is in effect on or after January 1, 2024, or on or after January 1, 2025, because all 12 regular appropriations bills were not enacted by the end of the prior year.” In late 2023 May, United States Treasury Secretary Janet Yellen had announced a new country default date to 5th June 2023 from 1st June 2023 if the debt ceiling is not raised from the current $31.4 trillion.
“ United States Passed Fiscal Responsibility Act of 2023 Bill to Raise Debt Ceiling & Avoid Potential Debt Default on Deadline 5th June 2023 Set by Treasury Secretary Janet Yellen, Amendments to the United States Fiscal Responsibility Act “
United States Passed Fiscal Responsibility Act of 2023 Bill to Raise Debt Ceiling & Avoid Potential Debt Default on Deadline 5th June 2023 Set by Treasury Secretary Janet Yellen
United States – H.R.3746 – Fiscal Responsibility Act of 2023
Introduced in House (05/29/2023)
Fiscal Responsibility Act of 2023
This bill increases the federal debt limit, establishes new discretionary spending limits, rescinds unobligated funds, and expands work requirements for federal programs.
Specifically, the bill suspends the federal debt limit through January 1, 2025, and increases the limit on January 2, 2025, to accommodate the obligations issued during the suspension period.
In addition, the bill establishes new discretionary spending limits for FY2024 and FY2025 that are enforced with sequestration (i.e., automatic spending cuts). It also changes the limits to 1% below the FY2023 base funding levels if a continuing resolution is in effect on or after January 1, 2024, or on or after January 1, 2025, because all 12 regular appropriations bills were not enacted by the end of the prior year.
The bill also includes provisions that
- rescind certain unobligated funds that were provided to address COVID-19 and to the Internal Revenue Service;
- provide funding for the Department of Veterans Affairs Cost of War Toxic Exposure Fund;
- provide funding for the Department of Commerce Nonrecurring Expenses Fund;
- provide statutory authority through 2024 for the requirement for agencies that propose certain administrative actions that will increase direct spending to also propose at least one administrative action that will decrease direct spending by at least the same amount (commonly known as administrative pay-as-you-go rules);
- terminate the suspension of federal student loan payments;
- expand the work requirements for the Supplemental Nutrition Assistance Program (SNAP) and the Temporary Assistance for Needy Families (TANF) program; and
- expedite the permitting process for certain energy projects.
United States Treasury Secretary Janet Yellen Announced New Default Date to 5th June 2023 from 1st June 2023, if Debt Ceiling is Not Raised from $31.4 Trillion
27th May 2023 – The United States Treasury Secretary Janet Yellen has announced a new country default date to 5th June 2023 from 1st June 2023 if the debt ceiling is not raised from the current $31.4 trillion. United States Treasury Secretary Janet Yellen: “Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the governments’ obligations if Congress has not raised or suspended the beet limit by June 5. We will are more than $130 billion of scheduled payments in the first two days of June, including payments to veterans and Social Security and Medicare recipients. These payments will leave Treasury with an extremely low level of resources.” A default would lower the value of US Treasury Bonds. China has already gradually reducing holdings of US Treasury Bonds over the years to $859 billion in March 2023.
United States Treasury Secretary Janet Yellen Says Country Could Default by 1st June 2023 if Debt Ceiling is Not Raised from $31.4 Trillion
5th May 2023 – The United States Treasury Secretary Janet Yellen has said the country (United States) could default by 1st June 2023 if the debt ceiling is not raised from the current $31.4 trillion. A default would lower the value of US Treasury Bonds.China has already gradually reducing holdings of US Treasury Bonds over the years to $859 billion in March 2023.
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