At the beginning of June, President Biden announced that a new debt ceiling deal had been reached. The deal became the Fiscal Responsibility Act, which the president signed into law on June 3. The FRA lifts the federal debt ceiling until 2025, kicking the fiscal can down the road and ignoring the key drivers of our national debt. The plan allows unlimited borrowing and spending until 2025, waters down spending cuts, and erodes defense spending at a time when tensions with American adversaries are growing—clearly failing to meet the seriousness of our fiscal moment the real solutions it requires.
