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President Biden Signs Debt Ceiling Bill Days Before the Projected Default Deadline

President Biden Signs Debt Ceiling Bill Days Before the Projected Default Deadline

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June 2023

In recent months, the United States has faced a crisis over the debt ceiling. Congress reached the limit in January 2023, risking a potential default by early June. After prolonged political negotiations, a compromise bill called the Fiscal Responsibility Act (FRA) of 2023 was passed in late May. The FRA suspends the debt limit for almost two years and introduces changes to federal spending. 

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