WASHINGTON D.C. – President Joe Biden signed the Fiscal Responsibility Act on Tuesday, signaling an end to the recent debt limit crisis. The act was praised by many, including MSNBC host Ali Velshi, who credited Biden’s “slow, quiet work” for reaching a debt limit deal.
The bill, which was also signed by Congress, avoids a government default and also faces bipartisan support. The Fox News lauded the move, saying that Biden’s decision was “critical for our economic future,” while Bloomberg reported that both Biden and House Minority Leader Kevin McCarthy won the debt-limit talks with the debt ceiling de.
However, not all issues from the legislation were received positively. Student loan forgiveness, a plank of the president’s plan, was overturned by Senate on Wednesday. This decision led to criticism from Newsweek, who stated that student loan forgiveness is a racial justice issue, and that the Senate’s decision is wrong.
The Fiscal Responsibility Act is looking to be a critical turning point in Biden’s presidency. The two factions of the government have cooperatively shown their support; however, the effects of the act are still to be seen.