{"id":1942260,"date":"2023-06-01T23:04:02","date_gmt":"2023-06-02T03:04:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-passes-debt-ceiling-bill-ending-threat-of-default\/"},"modified":"2023-06-01T23:06:30","modified_gmt":"2023-06-02T03:06:30","slug":"senate-passes-debt-ceiling-bill-ending-threat-of-default","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-passes-debt-ceiling-bill-ending-threat-of-default\/","title":{"rendered":"Senate approves bill to raise debt ceiling, avoiding default."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsenate-passes-debt-ceiling-bill-ending-threat-of-default%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1942260&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Senate Passes Fiscal Responsibility Act of 2023<\/h2>\n<div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0602\/d86b7e07-b591-412a-8037-267ee9562523\/audio.mp3?length=2873133&#038;duration=239\"><\/div>\n<p>The Senate has passed the Fiscal Responsibility Act of 2023, putting an end to the threat of a U.S. default on its financial obligations. The bill passed with a bipartisan vote of 63 to 36 and now awaits President Joe Biden&#8217;s signature.<\/p>\n<h3>A Compromise Bill<\/h3>\n<p>The legislation resulted from a compromise forged by President Joe Biden and House Speaker Kevin McCarthy (R-Calif.). The bill suspends the debt limit through Jan. 1, 2025, while making slight reductions to non<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/conservatives-rally-against-1-5-trillion-omnibus-spending-bill\/\" title=\"Conservatives Rally Against .5 Trillion Omnibus Spending Bill\">-defense discretionary spending<\/a> and modest increases in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">defense spending<\/a> in 2024. Discretionary spending growth is capped at 1 percent for 2025.<\/p>\n<p>The bill also makes changes to work requirements for some <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-white-house-confirms-3t-infrastructure-bill-will-be-in-two-parts\/\" title=\"Biden White House confirms T infrastructure bill will be in two parts\">social welfare programs<\/a>, streamlines the permitting process to drill for oil and natural gas, and takes back $20 billion in IRS funding and $30 billion in unspent COVID relief funds, among other provisions.<\/p>\n<h3>Defense Spending Concerns<\/h3>\n<p>Republican senators voiced concerns about the bill&#8217;s inadequate amount of military spending. Senators including Tom Cotton (R-Ark.), Susan Collins (R-Maine), and Lindsay Graham (R-S.C.) criticized the bill for including a provision to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-passes-debt-ceiling-bill-ending-threat-of-default\/\" title=\"Senate approves bill to raise debt ceiling, avoiding default.\">cut defense spending automatically<\/a> if a federal budget is not passed on time.<\/p>\n<p>\u201cThis bill would actually shrink the size of our navy,\u201d Collins said. \u201cMeanwhile, China has the largest navy in the world now.\u201d Collins called for an emergency supplemental allocation to further <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-china-bill-puts-military-in-a-crunch\/\" title=\"Major China Bill Puts Military in a Crunch\">increase defense spending<\/a> in 2024.<\/p>\n<h3>Positive Reactions<\/h3>\n<blockquote>\n<p>\u201cIt is so good for this country that both parties have come together at last to avoid default. I thank my colleagues on both sides of the aisle for their cooperation,\u201d Senate Majority Leader Chuck Schumer (D-N.Y.) said shortly before the vote.<\/p>\n<\/blockquote>\n<blockquote>\n<p>Sen. Minority Leader Mitch McConnell (R-Ky.) called it \u201can urgent and important step in the right direction for the health of our economy and the future of our country\u201d during remarks on the Senate floor.<\/p>\n<\/blockquote>\n<h3>Opposition to the Bill<\/h3>\n<p>Sen. James Lankford (R-Okla.) opposed the bill, saying it would actually increase, not decrease, federal spending. \u201cI get to the fine print and find out, actually, it increases spending 3.3 percent next year. And the year after that it increases spending 1 percent again. It actually doesn\u2019t decrease spending at all,\u201d Lankford said while debating the bill on June 1.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Fiscal Responsibility Act of 2023 was passed by the Senate on June 1, averting a U.S. default on financial obligations. President Joe Biden&#8217;s signature is now required to finalize the matter for the next 19 months. The bill passed with a majority vote.<\/p>\n","protected":false},"author":1793,"featured_media":1942261,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[4255,17721,10142,5487,15651,5283,3740],"class_list":["post-1942260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-approves","tag-avoiding","tag-ceiling","tag-debt","tag-default","tag-raise","tag-senate"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1942260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1793"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1942260"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1942260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1942261"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1942260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1942260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1942260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}