TBA Law Blog


Posted by: Paul Burch on Jun 1, 2023

The U.S. House of Representatives passed the Fiscal Responsibility Act of 2023 yesterday in a 314-117 vote. Five of the eight Tennessee Republicans in the nine-member house delegation voted against the measure, the Tennessean reported. It will now move to the U.S. Senate. If passed by the Senate, the act will raise the current $31.4 trillion debt ceiling by $4 trillion, avoiding a default on the national debt and limit federal spending through January 2025. Treasury Secretary Janet Yellen has warned that the federal government will default and be unable to pay bills coming due if an agreement is not signed by President Biden by June 5.