WASHINGTON, D.C. — June 1, U.S. Chamber of Commerce President and CEO Suzanne P. Clark released the following statement on the passage of the Fiscal Responsibility Act of 2023, which now heads to President Biden to be signed into law.

“By agreeing to lift our nation’s debt ceiling and use this opportunity to control spending, the President and Congress averted an economic catastrophe while also laying the groundwork for more responsible fiscal policy moving forward. We commend their hard work and commitment to setting aside partisan differences to broker an agreement for the good of the country.

“The Chamber has urged for months to get a debt limit deal done, highlighting areas of common agreement such as permitting reform, spending caps, and the repeal of unspent COVID funding—many of which became the basis for the bipartisan package. Importantly, the permitting reform provisions in the final law will be the first meaningful updates to the National Environmental Policy Act in more than 40 years, paving the way to get shovels in the ground faster to rebuild America’s infrastructure.

“Together, these steps chart our country on the right course to address our debt and spending while ensuring the stability of the U.S. economy and the full faith and credit of the U.S. dollar. Congress should seize this momentum and address the fiscal challenges on the horizon so we don’t end up in the same situation every few years.”

Information provided by U.S. Chamber of Commerce

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