House Speaker Kevin McCarthy (R., Calif.) notched a victory for himself and for Republicans with Wednesday's passage of the Fiscal Responsibility Act of 2023. The bill will raise the debt ceiling through 2025, claw back pandemic and IRS spending, improve welfare programs, speed up permitting, reinstate student loan payments, and cut non-defense discretionary spending. The bill also has an enforcement mechanism: If Congress fails to pass the required appropriations bills by January 1, overall discretionary spending will be cut by 1 percent.
