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SMReynolds's blog

Harmful Repercussions From Debt Ceiling Agreement

Earlier this week, both houses of Congress passed the Fiscal Responsibility Act of 2023, a bill that will raise the debt ceiling in exchange for spending cuts, and President Biden has said that he will sign the bill as soon as possible. This bill is the result of weeks of negotiation to avoid the country defaulting on its existing debt, which would have been catastrophic for the economy.


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