Legislative update: Senate passes bill to increase debt limit, partially rescind IRS funding; President Biden to sign
President Biden is expected to sign the bill as soon as today.
President Biden is expected to sign the bill as soon as today.
The U.S. Senate yesterday passed H.R. 3746 (the “Fiscal Responsibility Act of 2023”), to increase the federal debt limit, by a vote of 63-36 (with 44 Democrats, 17 Republicans, and 2 Independents voting for it, and 4 Democrats, 31 Republicans, and 1 Independent voting against it). The bill specifically would suspend the federal debt limit through January 1, 2025.
The bill would also immediately rescind $1.4 billion of the $80 billion of funding for the IRS provided in H.R. 5376 (commonly called the “Inflation Reduction Act of 2022” (IRA)). In addition, lawmakers separately agreed to reappropriate $20 billion of IRS funding provided in the IRA over the next two fiscal years ($10 billion in FY 2024, and $10 billion in FY 2025).
Read text [PDF 243 KB] of the bill
President Biden is expected to sign the bill as soon as today.
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