Statement from BPC Interim CEO Kelly Veney Darnell on Final Passage of the Fiscal Responsibility Act of 2023

Washington, DC – Statement from Kelly Veney Darnell, interim CEO of the Bipartisan Policy Center, on the final passage of the Fiscal Responsibility Act that, among other bipartisan policy priorities, suspends the debt limit through January 1, 2025.  

“The Bipartisan Policy Center applauds President Biden, Speaker McCarthy, and congressional leadership for crafting a bipartisan agreement addressing federal spending and avoiding a potentially disastrous default on our obligations. This kind of compromise is exactly how divided government should work.  

“Since 2011, BPC has played a leading role in educating policymakers and the public about the grave risks for Americans across the country and global financial markets of failing to extend the debt limit in a timely manner. This year, BPC played a key role during this challenging process, advising the Treasury Department, White House senior staff and key members of Congress to get this across the finish line. It is part of the work we do every day—finding common ground during some of our most contentious policy debates. 

“With the latest debt limit debate now behind us, our leaders must get serious about reforming this process so that we never again jeopardize the full faith and credit of the United States. Bipartisan legislation like the Responsible Budgeting Act, introduced in the last Congress, would require lawmakers to routinely address our fiscal health by annually debating and voting on significant deficit reducing legislation—but without the full faith and credit of the country hanging in the balance.  

“We will redouble our efforts, working with both parties to address our country’s long-term fiscal health and reform the budget process to eliminate these moments of brinksmanship in the future. It is time to finally end this debt limit insanity once and for all in a way that bolsters faith in U.S. economic leadership and demonstrates a commitment to live within our means.  

“It’s time to budget responsibly.”