HR3746, also known as the Fiscal Responsibility Act of 2023, has become law.
The bill was introduced to US President Joe Biden on June 3 and signed into law the same day, the congressional website shows. After being introduced in the House on May 29, it passed the House by a recorded vote of 314-117 on May 31, then passed the Senate by a favorable vote of 63-36 on June 1, notes the place.
HR3746 raises the federal debt limit, establishes new discretionary spending limits, rescinds unobligated funds and expands work requirements for federal programs, according to a summary posted on the Congressional website. It also includes provisions that streamline the permitting process for certain energy projects, the site summary notes.
In a statement posted on his Twitter page, Biden said: “I just signed a bipartisan budget deal that prevents a first default while reducing the deficit, protecting Social Security, Medicare and Medicaid and fulfilling our dire obligation to our veterans”.
“Now, we continue to work to build the strongest economy in the world,” he added.
I just signed a bipartisan budget deal that prevents a first default while reducing the deficit, protecting Social Security, Medicare and Medicaid, and fulfilling our fearful obligation to our veterans.
Now, we continue to work to build the strongest… pic.twitter.com/42HIFBy8Y9— President Biden (@POTUS) June 3, 2023
A statement posted on the White House website confirming the signed bill thanked U.S. House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Majority Leader of the Sen. Chuck Schumer and Senate Minority Leader Mitch McConnell “for their partnership.”
In a statement posted on her Twitter page on June 2, Schumer said: “We passed this critical legislation to support American families, preserve vital programs and prevent a catastrophic failure, and I hope that President Biden sign it without delay.”
We passed this critical legislation to support American families, preserve vital programs, and prevent catastrophic failure, and I look forward to President Biden signing it without delay.
— Chuck Schumer (@SenSchumer) June 2, 2023
In a statement posted on his website on June 1, McConnell said: “Four months after President McCarthy invited President Biden to begin negotiating a resolution to the looming debt crisis, a step important move toward fiscal sanity will eventually become law.”
“Thanks to the efforts of House Republicans, the Fiscal Responsibility Act avoids the catastrophic consequences of default,” he added.
In a statement posted on the American Petroleum Institute (API) website after the House and Senate passed the debt ceiling bill, API President and CEO Mike Sommers said: “ We applaud Congress for passing the debt limit bill that includes significant progress on permitting reform.”
“Our current system for reviewing the infrastructure projects that fuel our economy and support our way of life did not become an endless gauntlet of bureaucratic hurdles overnight, and it will take more than a step to develop a viable process,” he added.
“This is a positive start and we look forward to continuing to work with policymakers on both sides of the aisle to build on this progress,” Sommers continued.
In a statement sent to Rigzone on June 2, American Exploration and Production Council (AXPC) CEO Anne Bradbury said, “The Fiscal Responsibility Act is the first in the game of tax reform. permits, and we sincerely thank the members of Congress who stood up for American energy over the goal line.”
“Once signed by President Biden, the Mountain Valley Pipeline will provide clean, low-cost natural gas to American families and businesses, and the permitting reforms will provide much-needed streamlining of the NEPA process,” he said Bradbury in the statement.
“We encourage Congress to continue working to modernize our permitting system and address more of the underlying problems that have hurt America’s ability to build,” Bradbury added.
In a statement posted on its site on May 30, Independent Petroleum Association of America (IPAA) President and CEO Jeff Eshelman said: “The Independent Petroleum Association of America is pleased that “Congress and the Biden Administration have developed a bipartisan agreement on the debt ceiling that includes important elements to reform our nation’s costly process for authorizing energy projects.”
“While the agreement does not address many of the key issues around permitting reform for oil, natural gas and other energy projects, it is a good first step in that process,” he added.
“IPAA supports bipartisan compromise and urges Congress to pass the measure and to continue working on the various bills pending in Congress to make further progress on these important issues,” continued Eshelman.
In a statement posted on its website last month, the White House noted that new analyzes from both the Congressional Budget Office and the U.S. Treasury Department suggested the country was rapidly approaching the date in which the government can no longer pay its bills”. also known as the ‘X-date'”.
“History is clear that even approaching a default on the US debt ceiling could cause significant disruptions in financial markets that would damage the economic conditions facing households and businesses,” said the White House in this statement.
“An actual breach of the US debt ceiling would likely cause serious damage to the US economy,” he added.
To contact the author, please send an email andreas.exarcheas@rigzone.com
